Gold prices flirted with record highs on Monday as investors continue to bet on the safe-haven metal in anticipation of a US Federal Reserve interest rate cut this June.
“We still think it could go higher as well,” said Ryan McKay, senior commodity strategist at TD Securities. The surge in gold prices comes amid a burgeoning consensus that the first US interest rate cut since early 2020 is just around the corner. Nearly three in five investors bet the Federal Reserve will trim rates in June following a slew of weaker-than-expected US data reports, swaps markets data show.
“Heightened geopolitical tensions around the world have reduced the short-selling appetite, basically all strengthening gold’s current buy-on-dips credentials,” wrote Ole Hansen, Saxo Bank’s head of commodity strategy.
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