Gold price witnessed a sudden $27 upswing and stormed through the $2,350 barrier to refresh an all-time high at $2,354 in Asian trading on Monday. Despite easing geopolitical tensions between Israel and Hamas and reducing bets of a June US Federal Reserve (Fed) interest rate cut, Gold price extends its record-setting rally primarily on reports of potential robust Gold purchases by global central banks.
A Chinese official reported on Sunday, the People’s Bank of China (PBOC) purchased Gold for its reserves for the 17th straight month in March.
more to come …
Source: https://www.fxstreet.com/news/breaking-gold-price-forecast-xau-usd-storms-through-2-350-to-hit-a-fresh-record-high-202404080257