Gold marches higher on firm demand from top Asian cenbanks

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 on Monday to a record high for the seventh consecutive session, a move that analysts anticipate could be driven by strong demand from Asian central banks, despite traditional headwinds from a stronger U.S. dollar and elevated interest rates.

Spot gold was up 0.4% at $2,338.80 per ounce as of 1135 GMT, after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures gained 0.6% to $2,358.40.