Gold rose to a record as the second quarter kicked off, extending a rally that’s been driven the Federal Reserve edging closer to rate cuts and deepening geopolitical tensions.
Bullion jumped as much as 0.8% to $2,247.44 an ounce early on Monday, after setting a series of records in recent sessions. Data on Friday — when many markets were closed — showed that the Fed’s preferred gauge of underlying inflation cooled in February. That adds to the case that policymakers may feel comfortable reducing borrowing cost this year, although the US central bank has been striking a cautious tone.