KRRGF - Is Gold the New Safe Haven? Investors Flock To Precious Metals As Prices Soar Close To All-Time High | Benzinga
Gold prices are inching closer to an all-time high as investors anxiously await the release of key U.S. data and minutes from the Federal Reserve’s recent policy meeting.
What Happened: Gold prices have been steadily climbing, almost reaching the record high from the previous session. This surge has been supported by robust central bank buying. Reuters reported that Investors eagerly await the U.S. Federal Reserve’s policy meeting minutes and inflation data for further direction.
Spot gold increased by 0.2%, touching $2,343.76 per ounce, following a record high of $2,353.79 on Monday. U.S. gold futures also experienced a 0.5% gain, reaching $2,362.60.
Tim Waterer, chief market analyst at KCM Trade, told Reuters, “Gold has been the ‘asset of choice’ in financial markets, with an undercurrent of central bank buying and speculative flows sending the price to higher highs on a regular basis.”
The Fed’s March policy meeting minutes and the U.S. CPI data are due on Wednesday. During its March policy meeting, the Fed maintained interest rates at a 5.25%-5.50% range but hinted at a potential cut of three-quarters of a percentage ...