Gold extends record rally amid speculative buying, geopolitical tensions
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Gold prices extended their record rally, reaching a high of US$2,353.79 per ounce, supported by speculative buying and geopolitical tensions in the Middle East. The rally is driven by strong central bank buying, safe-haven inflows, and demand from momentum-following funds. Despite strong US job growth in March, lower interest rates reduce the opportunity cost of holding gold. Analysts expect the market to test US$2,400, but anticipate bearish volatility to shake out some bulls. Gold demand in India remained tepid due to high domestic prices, while premiums held firm in China. Spot silver rose 1.4% to US$27.85 per ounce, platinum edged 0.1% higher at US$928.11, and palladium gained 0.4% at US$1,006.88.

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