Gold prices surge on rate cut expectations and demand

CNBC April 1, 2024, 06:00 AM UTC

Summary: Gold prices hit a new high due to U.S. interest rate cut expectations and safe-haven demand. Spot gold reached $2,265.53 per ounce, up 1.32%, while U.S. gold futures rose over 2% to $2,286.39 per ounce. Market speculators are gaining confidence in Fed cuts, with expectations of rate cuts in May or June. The Fed's recent meeting maintained interest rates but forecasted three cuts this year.

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