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Gold prices have now set a new an all-time high after speculation over a Federal Reserve pivot and geopolitical risks underpinned a rally in the precious metal.
Gold has added about $100 in the past five sessions, fueled by a combination of expectations for monetary easing, geopolitical tensions and the risk of a pullback in equity markets., the scale of the recent move has surprised some market watchers, who said it may be partially driven by momentum, While the timing of the Fed’s pivot remains uncertain, signs that it’s getting closer have supported gold since mid-February. Swaps markets show an almost 60% chance of a rate cut in June, a higher probability than early last month.
In the first months of this year, gold’s role as a haven asset is being underlined by elevated geopolitical risks, with attacks on shipping in the Red Sea showing escalating Middle East tensions. China’s economic woes and the US presidential election at the end of the year make it a potentially volatile mix.
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