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Gold prices rose to an all-time high above $2,100 an ounce on Monday as comments from Federal Reserve Chairman Jerome Powell boosted traders’ confidence that the US central bank may cut interest rates early next year.
Lower interest rates reduce the opportunity cost of holding non-interest-bearing yellow metal.
By 05:30 GMT, the spot price of gold rose 0.8 percent to $2,087.69 per ounce. Earlier in the session, gold rose to an all-time high of $2,111.39.
US gold futures rose about 1 percent to $2,107.50.
Powell said on Friday that the Fed is not considering cutting interest rates at the moment.
As for other precious metals, silver rose in spot transactions 0.1 percent to $25.45 per ounce, palladium fell 0.5 percent to $929.10 per ounce, and platinum fell 0.4 percent to $996.04.
