Gold Prices Reach New Record Highs for Second Straight Session

Gold prices surged to a new all-time high on Monday, while the dollar saw slight gains against most major currencies.

Atlanta Fed President Raphael Bostic remarked that the deceleration in US GDP could exert downward pressure on inflation, projecting only one interest rate cut for the year.

Federal Reserve Chair Jerome Powell, in a statement last week, anticipated a slowdown in US inflation in the coming months, signaling a favorable outlook for markets amid expectations of rate adjustments from investors.

Fed Deputy Chair Philip Jefferson noted that the recent moderation in inflationary trends is promising, although it remains premature to ascertain if inflation is consistently moving towards the 2% target.

In other developments, the dollar index edged up by 0.1% as of 20:39 GMT to 104.5, reaching a session peak at 104.6 and a low at 104.3.

On trading, gold spot prices rose 0.6%, or $17.30 as of 20:40 GMT to $2434.4 an ounce.