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Gold hits a new all-time high, surpassing $2,266 per ounce.

On Tuesday, the price of gold reached a new all-time high, surpassing $2,266 per ounce, potentially marking its sixth consecutive session of gains.

This comes amid ongoing adjustments in the market’s expectations regarding when the first interest rate cuts will occur.

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At 11:30 this Tuesday, according to data from Bloomberg collected by EFE, gold reached a new record at $2,266.85.

However, an hour and a half later, the precious metal’s rise is less pronounced, at 0.43%, with prices trading at $2,261.09.

Gold, one of the assets considered a safe haven in times of uncertainty, has appreciated by 9.83% year-to-date. In March alone, the price of gold has increased by 7%.

The gold rally continued despite the strength of the dollar following data showing that the U.S. manufacturing sector grew for the first time in a year and a half in March. Traders reduced the odds of a rate cut in June to 62% after the report, according to the FedWatch tool from CME Group.

XAU/USD

In other precious metals, spot silver rose by 2% to $25.58 per ounce; platinum added 1.5% to $915.35; and palladium gained 2.1% to $1,017.12.

Growing expectations of rate cuts, safe-haven demand, and central bank purchases amid geopolitical tensions have propelled gold this year.

Considered a safe-haven asset, gold does not yield interest, therefore its price tends to rise during low-interest-rate environments or in the face of imminent wars that may cause a downturn in global stock markets.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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