Gold Rises After February 2024 US Jobs Report

Gold extended its rally to a fresh record high after a key US jobs report bolstered expectations that the Federal Reserve will soon cut interest rates.

The precious metal climbed as much as 1.2% to $2,185.50 an ounce, rising for an eighth straight day in an advance that has been fueled by hopes for rate cuts, central bank buying and renewed investor interest. Yet the scale and speed of the recent ascent has caught many seasoned market observers off-guard, with no clear catalyst for the rally beyond long-standing pillars of support.