Gold Hits Record High on Rising Hopes for Fed Rate Cut in June

Singapore, Gold prices touched a record high on Monday after data showed that US inflation moderated in February, boosting bets for the Federal Reserve’s June interest rate cut.

Spot gold rose 1% at $2,255.39 per ounce while US gold futures gained 1.7% to $2,275.70 per ounce.

The dollar was down 0.1% against its rivals, making gold more appealing for other currency holders.

Spot silver rose 1% to $25.22 per ounce, platinum was up 0.6% to $913.85 and palladium gained 0.3% to $1018.22.

Source: Qatar News Agency

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