Gold price hits fresh record above $2,300

HONG KONG, Apr 4 (AFP): Gold broke above $2,300 for the first time Thursday as it continued to surge on the back of expectations that US interest rates will come down this year and high geopolitical tensions.
The precious metal has chalked up multiple records over recent weeks as the US Federal Reserve indicates it is about to begin easing monetary policy -- which makes it more attractive to investors.
Its popularity as a safe haven in times of turmoil has also provided plenty of support, with traders fretting over the Middle East crisis and the ongoing war in Ukraine.
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely be appropriate to cut borrowing costs "at some point this year".
Eyes are now on the release of US jobs figures due at the end of the week, with a weak reading likely to give the Fed room to cut rates sooner rather than later.
"Gold's blistering rally may have further room to run in the medium term," Singaporean bank OCBC said in a note.
"Historical evidence since 2001 showed that gold strengthened when Fed rate hike cycle ended and continued to extend its bullish run when Fed rate cut cycle gets underway. That said, we caution for the risk of a pullback."
Spot silver fell 0.8 per cent to $26.99 per ounce after hitting its highest since June 2021. Platinum rose 0.1 per cent to $937.85 and palladium was steady at $1,013.48.