Gold continues record rally after Fed comments; U.S. data in focus

Gold prices surged to a new record high due to the Federal Reserve’s indication of potential interest rate cuts in 2024. Market participants are waiting for key U.S. jobs data, while spot gold hit a record high of $2,304.09. Bullion has consistently reached new highs since last Thursday. The depreciation of global currencies against the U.S. dollar is one of the drivers behind the rising gold prices. Lower interest rates decrease the opportunity cost of holding gold.