Gold reaches a new all-time high driven by a surge in investor demand across the broader metals market amid growing expectations of US interest rate cuts this year.
Recent market activity suggests that traders are increasingly confident that the Federal Reserve might lower borrowing costs as early as September. This provided additional support for gold, which was priced in US dollars and did not generate interest. A weaker dollar makes gold cheaper for investors using other currencies, enhancing its attractiveness.
Similarly, in the Middle East, a China-bound oil tanker was hit by a Houthi missile in the Red Sea on Saturday.
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