Gold prices touched a record high level on Monday after data showed that US inflation moderated in February, reinforcing bets that the Federal Reserve (the US central bank) will cut interest rates in June.
By 0103 GMT, gold in spot transactions rose 1 percent to $2,255.39 per ounce. Gold hit a record high of $2,256.09 an ounce earlier in the session.
US gold futures rose 1.7 percent to $2,275.70 an ounce.
The dollar index fell 0.1 percent against a basket of competing currencies, making gold more attractive to holders of other currencies.
As for other precious metals, silver rose in spot transactions by one percent to $25.22 per ounce. Platinum increased 0.6 percent to $913.85 an ounce. Palladium rose 0.3 percent to $1,018.22 an ounce.
#Gold #reaches #record #high #supported #hopes #interest #rate #cut
