• Gold rose to a record as the second quarter kicked off, extending a rally that’s been driven by the Federal Reserve moving closer to rate cuts and deepening geopolitical tensions.
• Bullion jumped as much as 1.2% to $2,256.44 an ounce early on Monday, after setting a series of all-time highs in recent sessions.
• The Fed’s preferred gauge of underlying inflation cooled in February, data showed on Friday, when many markets were closed. That adds to the case for a reduction in borrowing costs, although the US central bank has been striking a cautious tone. Swaps markets are pricing in a 61% chance of a cut in June, up from 57% on Thursday. Lower rates are positive for gold, which doesn’t offer any interest.
• Spot gold rose 1% to $2,252.15 an ounce as of 8:50 a.m. in Singapore, after climbing 3% last week. The Bloomberg Dollar Spot Index dipped 0.1%, while silver, platinum and palladium all traded higher.