Gold prices surge again on prospects for US rate cuts 

Gold, a hedge against inflation and a safe haven during times of political and economic uncertainty, has climbed over 11% so far this year. Picture: Chalinee Thirasupa/Bloomberg

Gold prices have raced to a record high yet again, after US Federal Reserve chair Jerome Powell reiterated that recent readings on job gains and higher-than-expected inflation do not materially change the overall picture of economic policy this year.

Spot gold rose 0.5% to $2,292.31 (€2,115.91) an ounce. “Gold surged to yet another historic high on elevated trading volume after Powell stresses ‘bumps’ in the road do not change the overall rosy picture,” said metals trader Tai Wong.