New York – Ma’an – Gold prices rose at the start of weekly trading, Monday, to record a new historical peak at $2,629 per ounce, from the previous peak recorded last week, which was $2,622.

The new summit, recorded at the beginning of today’s session, comes amid the US interest rate cut last week and Middle East tensions, especially the escalation between Israel and Lebanon’s Hezbollah.

Spot gold prices rose by 0.18%, or $5, compared to Friday’s close, to $2,629.2 per ounce.

Gold prices received support from the US Federal Reserve’s decision to cut federal funds rates by 50 basis points last Wednesday, to settle at 4.75-5%.

US investment banks expect gold to maintain its gains this year, especially with two more Federal Reserve meetings remaining, and expectations of another interest rate cut before 2025.

Source: Maan News Agency