Gold prices surged to a new record high on Tuesday, driven by demand from influential investment funds despite a stronger dollar and expectations of prolonged higher US interest rates.<\/p>\n\n\n\n
At 1055 GMT, gold rose 0.5 percent in spot trading to $2,262.51 per ounce, after hitting unprecedented levels at $2,266.59. This marked the third consecutive session of gold reaching all-time highs.<\/p>\n\n\n\n
Saxo Bank’s Ole Hansen commented, “The underlying demand from individuals and central banks was joined by trend-setting speculators who extended their already elevated long positions after crossing the $2,200 level.”<\/p>\n\n\n\n
In March, gold recorded a remarkable 9.3 percent increase, representing the largest monthly gain since July 2020. This surge was fueled by sustained demand for safe-haven assets and ongoing central bank purchases. Notably, the Chinese central bank has been increasing its gold reserves for 16 consecutive months.<\/p>\n\n\n\n
Despite the US dollar’s strength following Monday’s data indicating growth in the US manufacturing sector for the first time in a year and a half, gold continued its upward trajectory on Tuesday. Traders slightly scaled back their expectations of a June interest rate cut to 56 percent following the data release, according to the CME Group’s Fed Watch service.<\/p>\n\n\n\n
Gold typically thrives in environments of lower interest rates, as this diminishes the opportunity cost of holding bullion.<\/p>\n\n\n\n
The positive momentum in gold extended to other precious metals as well. Silver surged 2.3 percent to $25.66 per ounce, platinum climbed 1.8 percent to $918.10, and palladium rose 3 percent to $1,026.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices surged to a new record high on Tuesday, driven by demand from influential investment funds despite a stronger dollar and expectations of prolonged higher US interest rates. At 1055 GMT, gold rose 0.5 percent in spot trading to $2,262.51 per ounce, after hitting unprecedented levels at $2,266.59. This marked the third consecutive session …<\/p>\n","protected":false},"author":9,"featured_media":94938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7048,6885,7603,8790,8949,7375],"class_list":["post-99486","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-consumer-confidence","tag-fed","tag-gold-prices","tag-initial-jobless-claims","tag-pce-data","tag-pending-home-sales"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/99486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=99486"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/99486\/revisions"}],"predecessor-version":[{"id":99487,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/99486\/revisions\/99487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/94938"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=99486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=99486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=99486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}