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12/4/2023, 12:18 AM (Source: TeleTrader)
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Gold reaches new all-time high, surpasses $2,100

The price of spot gold surged on Monday, hitting a new all-time high and going above the previous record of $2,079.08 that was registered in May 2023.

Although Federal Reserve Chair Jerome Powell reaffirmed the central bank's readiness to act again and tighten the monetary policy further if necessary, he reassured his audience that the Fed will move cautiously, as "the risks of under- and over-tightening are becoming more balanced." It is possible that investors took this as a potential signal that another interest rate hike in December is unlikely, sparking discussions on potential rate cuts and when they could occur.

At 12:24 am CET, gold soared 2.19%, selling for $2,114.40. Not long after, the price continued to skyrocket, hitting $2,134.43.

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