2024-04-03T04:51:38+00:00
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/ Gold prices continued their record rise, today, Wednesday, as fears of high inflation boosted demand for gold as a hedge, with bullion traders ignoring doubts about an imminent cut in US interest rates and rising Treasury bond yields.
By 04:06 GMT, the spot price of gold rose 0.3 percent to $2,286.24 per ounce, and reached a record high of $2,288.09 earlier in the session. Bullion has hit consecutive record highs since Thursday.
Policymakers at the Federal Reserve (US central bank) said on Tuesday that they believe it would be “reasonable” to cut US interest rates three times this year, although recent strong economic data has raised investors’ doubts about that outcome.
In spot transactions, silver rose 1.2% to $26.41 per ounce, platinum gained 0.8% to $925.72, and palladium rose 0.6% to $1,009.45.