Amid falling rates and mild inflation in the US, the price of gold continues to rise, reaching $2,265 per ounce, UNN reports with reference to Reuters.
Details
On Monday, April 1, gold prices hit a record high as weaker US inflation figures bolstered expectations that the Federal Reserve would cut interest rates in June for the first time in a year.
Spot gold prices rose 1.2% to $2258.53 an ounce at 08:15 GMT after hitting an all-time high of $2262.19 earlier in the session. US gold futures also rose 1.8% to $ 2279.50.
On Friday, Federal Reserve Chairman Jerome Powell expressed satisfaction with the latest US inflation data, calling it in line with their expectations. In February, prices in the United States decreased, but the PCE price index increased by 0.3%, according to the data.
"Today's price action is in a very low liquidity environment - most European markets and many markets in Asia Pacific are still closed for Easter Monday (Western rite Christians celebrated Easter on March 31 - ed.). So it wouldn't be surprising to see this change when participation resumes later this week," said Ilya Spivak, Head of Global Macro at Tastylive.
Recall
The price of gold began to rise after Federal Reserve Chairman Jerome Powell announced that interest rates are likely to be cut this year.