Gold futures traded higher in early deals on Monday, as softer US inflation data boosted Fed’s rate cut expectation, which lifted safe-haven demand for the yellow metal. Moreover, increasing geopolitical tensions in the Middle East and weaker dollar rates helped to lift gold prices further. The yellow metal gained 1.1% to reach $2,440.59 an ounce earlier on Monday, exceeding a previous intraday record seen last month.
Gold futures for June delivery up by $19.2 or 0.79% to $2,436.6 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $21.46 points or 0.89% to $ 2,436.68 an ounce.