Gold prices rose to an all-time high on Monday as slowing U.S. inflation boosted expectations the Federal Reserve could soon cut interest rates for the first time, while silver rose to its highest in more than 11 years.
Price movements
Spot gold rose 1.4 percent to $2,448.98 an ounce by 06:14 GMT, after hitting a record high of $2,449.89 earlier in the session.
U.S. gold futures rose 1.5 percent to $2,453.20.
Data last week showed signs of slowing inflation in the United States and investors now see a 65 percent chance of a U.S. interest rate cut by September.
The dollar index remained weak, making gold priced in the greenback more attractive to buyers holding other currencies.
Investors are looking ahead to the minutes of the Fed's latest meeting, due to be released on Wednesday, along with comments from a slew of Fed spokespeople.
As for other precious metals, silver rose in spot transactions by 1.9 percent to $32.08 after recording its highest level in more than 11 years.
“Silver’s relative cheapness compared to gold and the strength of its underlying fundamentals are increasing investor interest,” analysts at ANZ wrote in a note.
Platinum rose 0.2 percent to $1,083.05, after hitting its highest since May 12, 2023. Palladium fell 0.1 percent to $1,009.05.
