Gold soars to a new high

Gold prices touched a record high on Monday as recent economic data boosted bets for interest rate cuts by the US Federal Reserve, while silver followed suit and surged to a more than 11-year high, reports Reuters.
Spot gold rose 0.5 per cent to $2,427.21 per ounce as of 1204 GMT after hitting a record high of $2,449.89 earlier in the session. US gold futures gained 0.6 per cent to $2,431.10.
"Gold's ascent to fresh all-time peaks was likely fuelled by restored bets for Fed rate cuts, following last week's cooling US inflation data. It may also be benefiting from the spillover of the surge in the broader metals complex," said Han Tan, chief market analyst at Exinity Group.
Meanwhile, a key consumer of gold and other industrial metals, China, announced on Friday "historic" steps to stabilise its crisis-hit property sector.
Spot silver eased 0.7 per cent to $31.27 after hitting an over 11-year high.
"On silver, its dual characteristics as industrial and precious is finally getting more attention. Transition to clean energy should continue to see a greater role in the use of silver," analysts at OCBC wrote in a note.
Platinum dipped 1.3 per cent to $1,066.53 after hitting its highest since May 2023. Palladium slipped 0.7 per cent to $1,001.93.