Global gold price hits all-time high

By Reuters   March 6, 2024 | 06:38 pm PT
Global gold price hits all-time high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Global gold price has reached a new record, building on stellar momentum driven mostly by bets for U.S. monetary easing.

Spot gold hit an all-time high of $2,152.09 per ounce early Thursday before declining to $2,156.61 at the time of publishing.

U.S. gold futures settled 0.8% higher at $2,158.2.

Gold got an additional fillip as the dollar fell after Fed Chair Jerome Powell indicated a rate cut later this year.

"Gold is likely to push higher as bullish sentiment remains dominant. However, bullion may take a little time to digest Powell's overall comments as well as see Friday's employment report," said Tai Wong, a New York-based independent metals trader.

Gold suffers when high U.S. interest rates raise returns on competing assets such as bonds and boost the dollar, making the bullion costlier for overseas buyers.

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