Muscat: Gold today surged to set a fresh record high, buoyed by investors’ heightened expectations of a dovish rate-cut path, ahead of remarks by multiple Federal Reserve officials and key inflation data later in the week. Spot gold rose 0.9% to $3,716.27 per ounce, after hitting a new record high of $3,719.65 earlier in the session. US gold futures for December delivery climbed 1.2% to $3,751.20.
According to Oman News Agency, the surge in gold prices is reflective of the market’s anticipation of potential rate cuts by the Federal Reserve. Investors are closely watching upcoming comments from Federal Reserve officials and key inflation data due later this week, which are believed to influence the central bank’s monetary policy decisions.
In addition to gold, other precious metals also experienced gains. Spot silver rose 1.3% to $43.64 per ounce, marking a more than 14-year high. Similarly, platinum gained 1.1% to $1,419.65, while palladium rose 1.1% to $1,161.85. These movements suggest a broader trend of increased investor interest in precious metals amid economic uncertainty.