Gold has climbed to a record high for the second session in a row, as investors flock to the traditional safe haven asset amid hopes of interest rate cuts in the months ahead.
The gold price has hit $2,111.39 per ounce, taking it over the record set on Friday night and further above the previous record set in August 2020.
Gold has strengthened amid hopes that the cycle of interest rate increases over the last couple of years has now ended, and that central banks will turn their attention to cutting borrowing costs in 2024.
That has led to a weaker US dollar, which pushes up the gold price (as it’s priced in dollars).
As this chart shows, gold has climbed pretty steadily since the start of October, when it was changing hands at $1,820 per ounce.
