On Monday, the price of gold soared to a record high amid growing demand, fueled by investor anticipation of an impending interest rate cut in the United States. Recent global unrest and robust demand from China have also contributed to the surge in the precious metal’s price.

The price of gold was 1.6 percent higher on Monday morning compared to the closing price on White Thursday, reaching $2,265.73 per troy ounce (31.1 grams). This marks a continuation of the upward trend witnessed in recent weeks, with gold surpassing $2,200 per troy ounce for the first time last month.

According to an expert from ING, the market increasingly believes that the US Federal Reserve will commence interest rate cuts in June. Speculation about rate cuts has weakened the dollar, making gold more affordable for traders using other currencies. Consequently, demand for the precious metal has increased, pushing its price higher.

Additionally, amidst the ongoing conflict in Ukraine and tensions between Israel and Hamas, many investors are seeking safe-haven investments, with gold being a prominent choice. Furthermore, the Chinese central bank has significantly augmented its gold reserves, and purchasing gold has become increasingly popular among affluent young Chinese investors.