Hopes of US rate cuts alone are unlikely to have driven latest leg higher, say strategists
The price of gold has surged 7 per cent in just over a week to hit record highs, leaving longtime market watchers struggling to explain what has been one of the yellow metal’s most curious rallies.
The sudden price move has lifted the haven asset above its previous peak reached in December to hit nearly $2,195 per troy ounce on Friday, according to LSEG data. Some commentators have attributed the move to growing expectations of US interest rate cuts, which would make the non-yielding asset relatively more attractive.