Gold surged to a new record on Monday, fueled by growing investor expectations that the US Federal Reserve will continue reducing interest rates into next year.
The precious metal reached an intraday high of $4,383.76, following last week’s economic data showing further signs of weakness in the US labor market and moderating inflation.
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These trends have strengthened anticipation that the central bank will maintain a looser monetary policy stance.
Monday’s advance took gold above its previous peak of $4,381.52, which was set in October, marking a fresh milestone for the commodity.