Gold prices advanced to a record high on Tuesday amid rising optimism that the Federal Reserve is set to kick off what will likely be a series of interest rate reductions.
Gold futures rose 0.2% to $3,683.70 per ounce, having traded above $3,700 earlier in the session. Spot gold was last up 0.3% at $3,645.73 per ounce, down from as high as $3,674.09.
"Prices have been rising for three consecutive sessions, supported by increased bets on a wave of (Fed) rate cuts this year," ING said in a Tuesday note.
The safe haven asset's price has soared about 40% since the start of the year, according to the ING report. The yellow metal has an inverse relationship with interest rates.
Source: MT newswires
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