Gold surpasses $2400 for first time ever

Gold prices rallied on Tuesday and scaled fresh record highs on strong haven demand, as global concerns mount.

Earlier US data showed industrial output rose 0.4% in March as expected, after falling 1.8% in the first quarter of the year.

US 10-year treasury yields rose by 4.5 basis points to 4.674%, after touching 4.696%, the highest since early November. 

Two-year treasury yields rose by 2.5 basis points to 4.961%, while 30-year yields rose by 5 basis points to 4.788%. 

San Francisco Fed President Mary Daly said there’s no urgent need to cut interest rates, warning from taking rash decisions. 

Separately, the International Monetary Fund raised its global growth forecast by 0.1% to 3.2%, while expecting the US economy to grow by 2.7% this year. 

The IMF expects the US to register an annual growth rate of 2.7%, up from 0.6% in latest forecasts. 

Goldman Sachs’ analysts said in a recent memo that gold prices will likely reach $2700 by the end of 2024. 

Otherwise, the dollar index rose 0.1% as of 19:50 GMT to 106.3, with a session-high at 106.5, and a low at 106.07. 

Gold spot prices rose 1% to $22.9 an ounce as of 19:51 GMT to $2406.1 an ounce.