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Gold Hits Fresh Record as Rate Cut Hopes Build After Data Shows Inflation Ease

April 2, 2024

by Barbara Kollmeyer
Morningstar Advisor

Gold prices shot to a fresh record on Monday, as investors continued to bank on U.S. interest rate cuts after data showed a key inflation gauge cooling.

Gold futures (GC00) (GCM24) rose just over $40, or 1.7%, to $2,278.30 an ounce. Gold settled at $2,238.40 an ounce on Comex Thursday, the highest finish on record, and the latest in a recent run. Prices ended March 8.9% higher and up 8% for the quarter.

The metal’s “unprecedented rally” has been driver by softer-than-expected U.S. inflation data, that have boosted expectations the Federal Reserve could start cutting interest rates as soon as June, Sergio Avila, senior market analyst at IG, told clients in a note.

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