Gold officially set a historic peak, surpassing the 2,440 mark!

Gold has just set a new all-time high, as investor demand across the entire market skyrocketed due to growing confidence that the US will cut interest rates this year.

Gold bullion increased 1.1%, reaching $2,440.59/oz early in the Asian session, surpassing the previous record set in April. This price increase is said to be due to traders becoming increasingly confident that the Fed may reduce interest rates as early as September this year.

The dollar fell and US government bonds rose sharply last week, after data released on Wednesday showed April inflation fell more than expected. This is supportive for gold, a precious metal that does not yield interest and is priced in USD.

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