Gold strikes fresh record high above $2,609

The price of gold rose to a fresh record high of more than $2,609 on Friday as the prospect of fresh US interest rate cuts boosted demand for the precious metal.

The commodity jumped to as much as $2,609.74 per ounce, two days after the Federal Reserve slashed borrowing costs for the first time since the start of the pandemic and indicated that more cuts were likely.

AFP