By Sherin Elizabeth Varghese
(Reuters) – Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields.
Spot gold was up 0.3% at $2,286.24 per ounce, as of 0406 GMT, and hit a record high of $2,288.09 earlier in the session. Bullion has hit record highs consecutively since Thursday.
U.S. gold futures gained 1.1% to $2,306.60.
“Gold continues to receive safe-haven flows as Ukraine continues to attack Russia’s oil infrastructure, to the point it is ignoring rising U.S. yields and the prospects of the Fed not cutting rates in June,” City Index senior analyst Matt Simpson said. [US/] [USD/]
Federal Reserve policymakers on Tuesday said they think it would be “reasonable” to cut U.S. rates three times this year, even as stronger recent…
