Gold Surpasses $2400 for the First Time

Gold prices surged on Tuesday, hitting new record highs amid robust demand for safe-haven assets amidst growing global concerns.

In earlier US data, industrial output for March met expectations, rising by 0.4% following a 1.8% decline in the first quarter.

US 10-year treasury yields increased by 4.5 basis points to 4.674%, reaching 4.696% briefly, marking the highest level since early November.

Two-year treasury yields rose by 2.5 basis points to 4.961%, while 30-year yields climbed by 5 basis points to 4.788%.

San Francisco Fed President Mary Daly cautioned against hasty interest rate cuts, suggesting no immediate urgency.

Meanwhile, the International Monetary Fund (IMF) raised its global growth projection by 0.1% to 3.2%, with expectations for a 2.7% expansion in the US economy this year, up from 0.6% in previous forecasts.

Goldman Sachs analysts predicted in a recent memo that gold prices could reach $2700 by the end of 2024. The dollar index edged up 0.1% to 106.3 at 19:50 GMT, with a session-high at 106.5 and a low at 106.07.

Gold spot prices climbed 1% to $22.9 per ounce at 19:51 GMT, reaching $2406.1 per ounce.