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