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

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Photographer: Chalinee Thirasupa/Bloomberg

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

Spot gold was up 1.2% at $2,258.53 per ounce, as of 0815 GMT, after hitting an all-time high of $2,262.19 earlier in the session. U.S. gold futures gained 1.8% to $2,279.50.