The price of June gold futures on the New York Comex Exchange increased by 1.01%, to $2,304.8 per troy ounce, and the May silver futures price increased by 2.15%, to $26.48 per ounce.
The price of gold continues to set new records due to a number of factors. On the one hand, support continues to come from expectations that the US Federal Reserve System (FRS) will lower the policy rate this year. According to CME Group, about 97% of analysts expect the Fed rate to remain at the current level of 5.25-5.5% per annum in May, and about 64% expect a rate cut in June.
Gold is sensitive to the Fed’s monetary policy as it affects the value of the dollar, and subsequently the price of gold. Traditionally, easing monetary policy has held back the dollar and supported gold.
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