Gold reaches record close for sixth straight session

Gold bars

Gold prices clinched a record close for the sixth consecutive session today, March 20, after the Federal Reserve signaled the possibility of two interest rate cuts this year, and amid ongoing geopolitical and trade tensions.

April gold futures climbed by about 0.1%, or $2.6, to $3,043.80 per ounce, an all-time high.

The yellow metal’s gains were capped by a 0.4% hike in the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, to 103.87 points at 9:52 pm Makkah time.

US Labor Department data showed that the number of initial applications for unemployment benefits rose by 2,000 to 223,000 during the week ended March 15, versus forecasts for an increase to 225,000.

According to a research note by Citigroup, gold prices are expected to reach $3,500 per ounce by 2025-end, supported by a significant demand growth for hedging and investment amid fears of a sharp decline in the US economy, Reuters reported.