Gold hits a record high, surpassing $2100.

 

Following recent comments by Fed official Jerome Powell, gold prices increased in European trade on Monday, maintaining gains for a second session and surpassing $2100 an ounce, reaching a record high on strong expectations of early interest rate cuts by the Federal Reserve.

In addition to the significant demand for the precious metal as a haven due to growing geopolitical worries brought on by the fiercely renewed Israeli-Hamas conflict. 

Current Gold Prices

Following a 1.8% gain on Friday, gold prices rose 3.6% to a record high of $2,146 an ounce, with a session low of $2,057. This was the fifth straight day of gains as the dollar and US Treasury yields declined in response to weak data.

Due to robust demand as a haven, gold prices increased 3.45% last week—the biggest weekly gain since October and the third in a row.