You might be sick of hearing about gold, but the prices continues rally

Gold prices are continuing their rally and set another record high yesterday, with spot gold hitting an all-time record of US$2,265.53 per ounce.

In addition, US gold futures shot up 1.2% to $2,265.70 per ounce in New York.

These figures are most likely being supported by the latest US inflation data, which further boosted expectations of a Federal Reserve interest rate cut this coming June.

Big banks and analysts are also coming together in support of this commodity.

Gold is the No. 1 pick in the commodities market for JPMorgan Chase & Co, with prices having the potential to reach $2,500 an ounce this year, according to the bank’s global head of commodities research (Bloomberg).

In addition, Goldman Sachs Group also revised their gold price prediction in the middle of March, with a price target of US$2,300 up ahead for 2024.