US Data Boosts Optimism of Fed Cuts, Buoys Gold Price to New Record
At the start of last week, the price of gold extended its rally, boosted by its appeal as a safe haven asset and expectations of an interest rate cut. U.S. gold futures increased by more than 1% to reach $2,266.39 an ounce while spot gold hit $2,245.79 an ounce, representing a 0.6% increase. In an interview, the head of commodities research at Citi’s North America desk, Aakash Doshi, suggested that the price of gold could hit $2,300 an ounce by the second half of this year, particularly against the expectations that the Fed could reduce interest rates during the same…