NEW YORK - Gold rose to a record as the second quarter kicked off, extending a rally that’s been driven by the US Federal Reserve moving closer to rate cuts and deepening geopolitical tensions.
The Fed’s preferred gauge of underlying inflation cooled in February, data showed last Friday , when many markets were closed. That adds to the case for a reduction in borrowing costs, although the US central bank has been striking a cautious tone. Swaps markets are pricing in a 61 per cent chance of a cut in June, up from 57 per cent on Thursday. Lower rates are positive for gold, which doesn’t offer any interest.
The Bloomberg Dollar Spot Index dipped 0.1 per cent, while silver, platinum and palladium all traded higher.
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