Dare Babalola
Gold prices surged to a record high above $3,500 per ounce on Tuesday, driven by a weaker US dollar and mounting expectations of interest rate cuts by the Federal Reserve.
The precious metal reached $3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April.
The rally in gold prices comes as investors weigh up a weakened US dollar and the prospect of rate cuts by the Federal Reserve.
The record high in gold prices also follows a US appeals court ruling that many of Donald Trump’s tariffs, which have upended global trade, were illegal.
However, the measures were allowed to remain in place for now, giving the US president time to take the fight to the Supreme Court.
