Gold hits record high as US inflation data cements June rate cut bets

Gold

Gold prices rose to a record high on Monday, as a softer US inflation reading cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.

According to Reuters, spot gold was up 1.2% at $2,258.12 per ounce, as of 0529 GMT, after hitting an all-time high of $2,265.49 earlier in the session. US gold futures gained 1.8% to $2,279.10.

Spot silver rose 0.9% to $25.19 per ounce, platinum was up 0.5% at $912.90 and palladium climbed 0.7% to $1,021.77.