Gold prices punched through $3,600 per troy ounce on Monday, another record high, as expectations of US rate cuts and concerns over central bank independence fuel the metal’s sharp rally.
Bullion’s blistering performance, up 9 per cent in the past three weeks and 37 per cent since the beginning of the year, has been driven by worries about US inflation and its rising public debt, as well as questions over the long-term status of the dollar as the world’s dominant reserve currency.
Gold’s surge past $3,600 comes less than a week after it crossed the $3,500 benchmark for the first time, and has been boosted by Friday’s weaker than expected US labour market data.
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