The price of gold continued to rise on Monday, hitting a new record high, boosted by expectations of a US interest rate cut and the metal’s appeal as a safe-haven asset.
Gold traded at $2,245.79 an ounce on Monday, up 0.6%, according to CNBC.
Investors expect the US Federal Reserve to cut interest rates in June.
The Fed kept interest rates unchanged at the end of its most recent meeting in March, but maintained its forecast of three policy rate cuts this year.
As interest rates fall, gold becomes more attractive compared to fixed income assets such as bonds, which would produce weaker returns in a low interest rate environment.
Gold prices were also boosted by demand from China, according to Caesar Bryan, portfolio manager at investment management firm Gabelli Funds.
“In China, private investors were attracted to gold because the real estate sector performed poorly,” Bryan said, adding that China’s overall economy remained weak and the country’s stock market and currency did not perform well.
The price of gold in Romania
In Romania, the gold gram rose on Monday by 2.5923 lei (0.78%), reaching a quotation of 333.3834 lei, from 330.7911 lei, as announced on Friday by the National Bank of Romania (BNR), recording again a record value.
The leu depreciated on Monday in relation to the euro, which was calculated by the National Bank of Romania (BNR) at 4.9700 lei, up by 0.05 money (0.01%) compared to the previous quotation of 4.9695 lei .
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