Investing.com– Gold prices hit record highs in Asian trade on Tuesday, extending a recent run of gains amid persistent optimism over U.S. interest rate cuts, with focus turning to more upcoming cues this week.
Among industrial metals, copper prices rose sharply after the Chinese government announced a barrage of stimulus measures, raising hopes of an economic recovery in the world’s biggest copper importer.
Gold surged to record highs after a bumper rate cut by the Federal Reserve last week, with the prospect of further cuts presenting more upside for the yellow metal.
Mixed purchasing manager index readings from several major economies also boosted demand for gold, as did continued tensions in the Middle East.
Spot gold rose 0.3% to $2,638.31 an ounce, while gold futures expiring in December rose 0.3% to a peak of $2,660.80 an ounce.
Gold rises with focus on more Fed cues
The yellow metal remained upbeat on the prospect of lower rates, with a string of more cues from the Fed due in the coming days.
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