Gold prices in US spot contracts rose 0.7% to $2,186.65 per ounce, at the time of writing the report. Futures contracts for May delivery rose 0.43% to £2,196.30 per ounce.
Gold prices reached a record level last week after policymakers at the Federal Reserve (the US central bank) indicated that they still expect to cut interest rates by 3 quarters of a percentage point by the end of 2024. Investors are now looking forward to the US Core Personal Consumption Expenditure Price Index data scheduled for release on Friday.