Hong Kong, April 1, 2024 – Gold prices surged to a fresh record high on Monday, despite a modest rise in US inflation in March. Investors are seeking safe havens for their investments amid turbulent times and expectations that the US Federal Reserve will cut interest rates this year.
Geopolitical tensions, which have escalated following a Sunday airstrike in Lebanon and the ongoing conflict in Ukraine, are also contributing to the rise in gold prices. Investors are concerned about the potential for escalation and are looking to gold as a hedge against risk.
The price of June gold futures climbed by $40.70 or 1.82% to a new high of $2,279.10 (2,108.13 euros) per ounce (31.1 grams) by 10:13 CET on Monday.
Analysts expect gold prices to continue rising, driven by low interest rates, geopolitical uncertainty, and rising inflation. Gold is traditionally seen as a safe haven in times of uncertainty and market volatility.
