Gold Hits All-Time High on Deeper Fed Rate Cut Expectations

Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate cut by the US Federal Reserve this week. Spot gold was up 0.4% to $2,585.54 per ounce, after hitting an all-time high of $2,588.81 earlier in the session. US gold futures edged 0.1% higher to $2,613.40. The dollar weakened 0.2%, making gold less expensive for other currency holders. Spot silver gained 1% to $30.95 per ounce, marking it highest level in two months. Platinum climbed 0.5% to $1,000.35 and palladium edged 0.1% higher to $1,069.52. Source: Qatar News Agency