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- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
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- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
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- Fans immerse themselves in Marina Abramovic's first China exhibition
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- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
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- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
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Gold hits record peak on US rate cut hopes
The price of gold on Tuesday struck an all-time pinnacle, boosted by its haven status ahead of expected cuts to US interest rates amid growing economic gloom.
Shortly after 1330 GMT, gold advanced to $2,141.79 per ounce, surpassing its prior peak of $2,135.39 that was struck in early December, before pulling back slightly.
Gold, whose twin drivers are jewellery and investment buying, has now gained about 15 percent in value since the same stage last year.
"Concerns surrounding global economic prospects, geopolitical tensions, and shifting expectations towards earlier interest rate cuts have fuelled increased demand for the precious metal, leading to its upward price trajectory," said ActivTrades analyst Ricardo Evangelista.
"Of these factors, US interest rates stand out as the primary risk factor influencing gold prices, with the potential upside constrained by uncertainty surrounding the Federal Reserve's plans to unwind its restrictive monetary policy."
This week's strong advance was partly triggered by weak data published before the weekend.
US manufacturing activity contracted in February more quickly than markets expected, an industry survey showed Friday, as demand slowed and output eased.
The Institute for Supply Management said its manufacturing index stood at 47.8 percent last month, down from 49.1 percent in January.
This was significantly below market expectations, according to Briefing.com, and kept the index below the 50-point marking separating expansion from contraction for the 16th month in a row.
That stoked market expectations that the Fed could move more quicky than expected to lower borrowing costs in order to stimulate economic activity.
"Gold continues its upward trajectory," added Commerzbank analyst Thu Lan Nguyen, who also sounded a note of caution.
"As there is still a lot of uncertainty about the start and extent of the next interest rate cut cycle in the US, we think the rally is fragile.
"We would not be surprised to see a small downward correction in the coming days on the back of profit taking."
T.Ward--AMWN