Gold prices rose to a fresh record high on Tuesday as demand from momentum-following funds offset a strong U.S. dollar and the possibility of higher-for-longer U.S. rates. Spot gold was up 0.5% to $2,262.51 per ounce by 1055 GMT, after hitting an all-time high of $2,266.59. The bullion has been hitting fresh record high s for three sessions in a row.
"An underlying bid from retail and central banks is being joined by momentum-following speculators who have extended their already elevated longs following the break above $2,200," said Ole Hansen at Saxo Bank. "In addition, there is no doubt that geopolitical tensions have added an additional layer of support." The bullion rose by 9.3% in March, which was its biggest monthly growth since July 2020, amid persistent safe-haven demand and central bank purchases. China's central bank has been adding gold to its reserves for 16 months in a row. Gold kept rising on Tuesday despite a strong U.
Gold Prices Record High Momentum-Following Funds U.S. Dollar Rates Safe-Haven Demand Central Bank
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