Gold surpasses $2100, scales record high
2023-12-04 09:44AM UTC

Gold prices rose in European trade on Monday, extending gains for a second session and passing $2100 an ounce, hitting a record high on strong prospects of early interest rate cuts by the Federal Reserve following recent remarks by Fed official Jerome Powell.


In addition to strong demand on the precious metal as a safe haven due to mounting geopolitical concerns as the Israeli-Hamas war resumes ferociously once more. 


Gold Prices Today


Gold prices rose 3.6% to $2,146 an ounce, a record high, with a session-low at $2,057, after rising 1.8% on Friday, the fifth profit in a row as the dollar and US treasury yields lost ground following weak data.


Gold prices jumped 3.45% last week, the third weekly profit in a row and the largest since October on strong haven demand. 




Fed Chair Jerome Powell said on Friday that it's clear the monetary policy is slowing the economy down as expected, with interest rates reaching appropriate tightening levels, however he still opened the way for further policy tightening if needed


US Rates


Odds for a US interest rate hike at the December Fed meeting fell to just 2.5%


Odds for an interest rate cut by the Fed in March surged to 64%, while odds for a cut in May surged to 90%. 


Geopolitical Tensions 


A major factor boosting gold prices now are the ongoing geopolitical tensions in the Middle East as Israel resumes military attacks on Gaza.


Yemen's Islamic Houthi group also mounted attacks on ships in the Red Sea, claiming them to be Israel ships, with US forces in the region intercepting drones. 




Gold holdings at the SPDR Gold Trust rose 2.31 tonnes on Friday to a total of 878.82 tonnes, away from November 13 lows at 876.51 tonnes. 

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