Gold prices hit record highs

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Ziraat Times
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New York: Gold prices hit record highs for a fourth consecutive session on Friday on growing speculations over June interest rate cuts ahead of key US jobs data due later in the day. Spot gold rose 0.4 per cent to $2,168.28 per ounce as of 1057 GMT, while US gold futures added 0.5 per cent to $2,175.50.

Gold reached a new all-time high of $2,170.99 earlier in the session and has gained more than 4.1 per cent so far this week, setting it on track to post its biggest weekly percentage increase since mid-October.

“I think a lot of the demand that we’ve seen coming from is really in the paper market. It’s just speculative demand,” said Michael Widmer, Bank of America’s head of Metals Research.

“You always had good support from Chinese buying and central bank buying. But that was never enough to take prices high,” he added. Gold first surpassed its December peak on Tuesday, primarily aided by growing indications of cooling price pressures and bullion’s traditional safe-haven cachet.

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