"Fresh U.S. Data Spurs Expectations of Fed Rate Cut, Sending Gold Prices to Record High"

Gold prices reached a new all-time high as market speculators gain confidence in potential U.S. Federal Reserve interest rate cuts, with expectations for a cut in May or June. The metal's appeal as a safe haven asset and overseas demand, particularly from China, have also contributed to the rally. The surge in gold prices has been driven by robust purchases from central banks seeking to diversify reserve portfolios due to geopolitical risks, domestic inflation, and the weakness of the U.S. dollar.