2024-04-01T05:14:38+00:00
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/ Gold prices touched a record high level, on Monday, after data showed that US inflation moderated in February, reinforcing bets that the Federal Reserve (US central bank) will cut interest rates in June.
By 01:03 GMT, gold in instant transactions rose 1 percent to $2,255.39 per ounce. Gold hit a record high of $2,256.09 an ounce earlier in the session.
US gold futures rose 1.7 percent to $2,275.70 an ounce.
The dollar index fell 0.1 percent against a basket of competing currencies, making gold more attractive to holders of other currencies.
Traders expect by 69 percent that the US Federal Reserve will cut interest rates in June, according to the FeedWatch tool of the CME Group. Lower interest rates enhance the opportunity to hold gold.
As for other precious metals, silver rose in spot transactions by one percent to $25.22 per ounce. Platinum increased 0.6 percent to $913.85 an ounce. Palladium rose 0.3 percent to $1,018.22 an ounce.