The prices of precious metals rose late Sunday, with gold hitting a fresh all-time high of $2,254.40. The surge follows data released on Friday, suggesting a cooling in the Fed's preferred inflation measure in February, suggesting a potential reduction in borrowing costs within the year, despite the central bank's overall cautious stance.
So far this year, gold has outperformed many major commodities, rising more than 9% in the first quarter alone. Possible monetary easing by major central banks and ongoing tensions in regions such as the Middle East and Ukraine have contributed to gold's status as a highly desired safe-haven asset.
After reaching its intraday high, gold advanced by 0.80% at 8:35 pm ET to sell for $2,251.43 per ounce. Silver increased by 0.83% to $25.19 per ounce. Platinum went up by 0.33% to $913.86 per ounce. One minute later, palladium gained 0.22% to sell for $1,005.15 per ounce.
