Gold prices break all-time record as investors bet on Fed rate cuts

Gold prices set a new record on Mon­day as a recent infla­tion report buoyed opti­mism that the Fed­er­al Reserve will cut inter­est rates in June.
Gold futures on Mon­day were trad­ing at $2,275, up about $37 or just over 1.6% — the high­est price since the contract’s cre­ation in the 1970s. The upward momen­tum is in large part due to expec­ta­tions that the Fed may cut inter­est rates soon, an action that would be expect­ed to boost asset prices.
Dri­ving some of the sen­ti­ment about rate cuts is Friday’s report on the per­son­al con­sump­tion expen­di­tures index, which is the Fed’s pre­ferred gauge of infla­tion.
From Jan­u­ary to Feb­ru­ary, infla­tion rose 0.3%, which was slight­ly less than expect­ed.
Core PCE infla­tion, a mea­sure of infla­tion that strips out volatile ener­gy and food prices, fell slight­ly to a 2.8% year-over-year rate.
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