2024-04-08T04:54:09+00:00
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/ Gold prices continued their record rise, today, Monday, supported by speculative purchases and continuing tensions in the Middle East, which overshadowed strong job growth in the United States in March.
By 04:06 GMT, gold in instant transactions rose 0.6 percent to $2,343.89 per ounce, after hitting a record high of $2,353.79 earlier in the session.
US gold futures gained 0.7 percent to $2,361.09.
US stocks closed higher last Friday, after a strong jobs report reinforced the view that the economy remains healthy, even as it indicated that the Federal Reserve may postpone cutting interest rates.
Geopolitical tensions in the Middle East may be another driving force for gold.
Aggressive buying by central banks, safe haven inflows amid heightened geopolitical risks, and demand from momentum-tracking funds have fueled bullion’s 12% gain so far this year.
US job growth beat expectations in March, suggesting the economy finished the first quarter on solid ground and potentially delaying expected interest rate cuts from the Federal Reserve this year.
Silver rose in spot transactions 1.4 percent to $27.85 per ounce, platinum increased 0.1 percent to $928.11, and palladium gained 0.4 percent to $1,006.88.