Spot gold prices hit record high, driven by expectations of Fed rate cut and increased demand for safe havens

Gold hits record highs as optimism grows over U.S. interest rate cuts this year and geopolitical tensions rise in the Middle East

Special Topic: Precious metals mania continues: Gold continues to hit record highs, silver rises above $32 Gold hits record highs as optimism surrounding U.S. interest rate cuts this year heats up, and geopolitical tensions in the Middle East heat up.
Gold prices rose as much as 1.4% in early Asian trading, hitting $2,450.07 an ounce, surpassing the intraday record high set in April.
In recent trading days, traders have increased their bets that the Federal Reserve may cut interest rates as early as September.
After data last week showed that U.S. inflation slowed more than expected in April, the U.S. dollar fell and U.S. bonds rose, providing support for gold.
Gold\’s safe-haven status was highlighted on Monday after the helicopter carrying Iranian President Ebrahim Raisi crashed in thick fog on Sunday.
In addition, a China-bound oil tanker was hit by a Houthi armed missile in the Red Sea on Saturday. This news also heightened geopolitical risks in the entire region.
Hedge funds trading Comex futures raised their long bets on gold to a three-week high in the week ended May 14, according to data from the Commodity Futures Trading Commission.
13:59 Singapore time. Spot gold rose 1.4% to US$2,449.27 per ounce.

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