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Apr 1, 2024 11:27 pm | News

The price of gold hit a record high, starting the second quarter on the front food and extending a multi-month rally.

The yellow metal was trading at $2,252.22 per troy ounce in New York on Monday morning, according to LSEG data, a gain of about 3 per cent from its previous close on March 28, before the Good Friday. Gold hit an intraday high of $2,265.49 earlier in Monday’s session.

Gold is often viewed as a hedge against political and economic uncertainty. Sticky inflation and geopolitical tensions in the Middle East have potentially encouraged some investors to purchase the asset, regarded as a relative safe haven.

US inflation data on Friday showed that price pressures ticked higher in February thanks to rising petrol prices.

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