Gold surged to a new all-time high

Gold reached a historic peak driven by mounting anticipations of imminent US interest rate reductions in the coming year, prompting a surge in buying activity.

During early Monday trading, the precious metal soared over 3%, reaching a new record of $2,135.39 per ounce, surpassing its previous peak set in August 2020, though it later moderated its gains.

The recent upswing in gold’s trajectory received a substantial boost following remarks on Friday by Federal Reserve Chair Jerome Powell.

Traders interpreted his comments as signaling a shift toward potential rate cuts, triggering a decline in the dollar and Treasury yields, Bloomberg reported.

READ MORE: https://finance.yahoo.com/news/spot-gold-rises-record-dovish-231809927.html

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