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NEW YORK - JANUARY 9: Gold bullion bars and coins are seen for sale at Manfra, Tordella and Brookes, Inc. January 9, 2003 in New York City. The price of gold has risen by nearly 30 percent over the past year with investors looking for stability as war with Iraq has become more likely. (Photo by Mario Tama/Getty Images)

NEWS HEADLINES: Gold Prices Surge To Another Record High After New U.S. Data Spurs Fed Cut Expectations – One America News Network

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OAN’s James Meyers
8:30 AM -Monday, April 1, 2024

Gold prices extended to another record high on Monday, with expected U.S. interest rate cuts. 

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The latest data showed Spot gold added 0.6% to trade at $2,245.79 per ounce and U.S. gold futures rose more than 1% to trade at $2,266.39 per ounce. 

“I think it’s a really exciting moment in gold,” said Joseph Cavatoni, market strategist at the World Gold Council told CNBC on Monday. “What’s really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts,” he said.

Additionally, market watchers are expecting the U.S. Federal Reserve to begin cutting rates in May or June. 

Experts stated gold prices become more valuable interest rates begin to fall. 

According to Cavatoni from the World Gold Council, the gold increase in value has been due to strong purchases from the world’s central banks in a bid to diversify reverse portfolios due to inflation, the weakening of the U.S. dollar and geopolitical risks. 

“Really strong case for them to continue to buy … [but] let’s see if they continue to be as large and for as long,” he added.

China is the leading driver for both consumer demand and central bank gold purchases, according to data from the World Gold Council.

“In China, private investors have been attracted to gold because the real estate sector has done poorly,” Caesar Bryan manager at Gabelli Funds said, adding that China’s general economy has remained weak and its stock market and currency have not been performing well.

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