The price of gold has surged to a record high, driven by growing expectations of US interest rate cuts, investors hunting for haven assets and months of prodigious buying by central banks and Chinese investors.
The yellow metal struck $2,141 per troy ounce on Tuesday, beating the previous record of $2,135 set in December, according to LSEG data, before soon paring gains to trade up 0.8 per cent at $2,131 on the day.
Tuesday’s move represents a continuation of a rally triggered on Friday by growing hopes of a Federal Reserve rate cut in June following weaker economic data. Gold, an asset with no yield, benefits from lower borrowing costs as investors feel less opportunity cost by not putting their cash into bonds.
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