Gold prices rose over the weekend, hitting a new record high thanks to several factors including U.S. interest rate cuts, speculative buys and central bank purchases, despite strong job growth in the United States in March.
Gold in spot transactions rose about 1.7 percent by the end of Friday, hitting $2,329.75 an ounce, after hitting a record high of $2330.06 earlier in the session. The yellow metal has increased by more than four percent since the start of the week and recorded gains for the third consecutive week.
U.S. gold futures also rose 1.6 percent at settlement to $2345.4.4.
The bank will not rush to cut borrowing costs after it kept the interest rate unchanged in the 5.25 percent to 5.50 percent range last month, U.S. Federal Reserve Chairman Jerome Powell said Wednesday.
Traders currently expect a chance of about 59 percent to cut U.S. interest rates in June.
