21 March 2024
Gold prices surged to unparalleled heights for the fifth time in March, setting a new record after the U.S. Federal Reserve indicated plans for three interest rate cuts in 2024. This decision comes despite ongoing concerns about high inflation. The price of spot gold increased by 0.8% to $2,202.39 per ounce, after briefly reaching a peak of $2,222.39, while U.S. gold futures saw a 2% rise to $2,204.50. Analysts, including Julius Baer’s Carsten Menke, attribute this remarkable rally to the Fed’s recent remarks, which confirmed a forthcoming shift towards reducing U.S. interest rates, sparking a frenzy among investors.