Gold prices surged to a new record high on Monday, driven by growing geopolitical tensions, a weakening U.S. dollar, and strong central bank demand, APA-Economics reports citing Investing.com.
Based on the New York COMEX commodity exchange data, June gold futures jumped 2.17% to reach an all-time high of $3,400.64 per troy ounce (31.1 grams).
Earlier in Asian trading, spot gold rose 1.4% to $3,374.93 per ounce, after hitting a record intraday high of $3,385.27. June gold futures climbed 1.8% to $3,388.20 per ounce.
The recent surge in gold prices is attributed to escalating geopolitical risks—particularly renewed Russia-Ukraine tensions after a short Easter truce—as well as inflation concerns and expectations of a potential overhaul of the Federal Reserve under President Donald Trump, which has contributed to the U.S. dollar’s decline. These factors have boosted demand for gold as a traditional safe-haven asset.
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09:54
The price of gold futures for one troy ounce (31.1 grams) has reached a new historic high in commodity markets, APA-Economics reports, citing exchange data.
The price of gold futures for one troy ounce in June on the New York COMEX commodity exchange rose by 1.98%, reaching USD 3,394.31.
The price of silver futures for one ounce in May on COMEX also increased by 1.22%, reaching USD 32.868.
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