Gold price hits record high on geopolitical tensions and rate cut expectations
The Straits Times — April 1, 2024, 04:00 AM UTC
Summary: Gold reached a record high of US$2,256.44 per ounce on April 1, driven by Fed rate cut expectations and geopolitical tensions. The metal surged over 8% in Q1 due to easing policies by major central banks and global uncertainties. Central banks, especially in China, increased gold purchases. Analysts predict prices may hit US$2,500 (JPMorgan) or US$2,300 (Goldman Sachs) per ounce. ETF holdings decreased in Q1.
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