Gold reached a record high of $2,115 per ounce on Monday, following a nearly 2% increase in the previous session as investors bet that the Federal Reserve would begin cutting interest rates in the latter half of the year. Last week, data showed that US manufacturing activity contracted for the 16th consecutive month in February, while the University of Michigan’s consumer survey showed weaker-than-expected morale last month. On the monetary policy front, New York Fed President John Williams said he expects the central bank to cut interest rates later this year, although other policymakers expressed reservations before supporting a dovish pivot. Markets now look ahead to Fed Chair Jerome Powell’s appearance before the Congress this week for clues on the monetary policy path. Investors also look forward to key US jobs data and manufacturing figures this week.
