US rate cut, geopolitical woes lift gold to record high

Gold prices extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve's interest rate cut and safe-haven demand due to geopolitical risks in the Middle East. Spot gold rose 0.2% to $2,628.28 per ounce, as of 0349 GMT, after hitting a record high of $2,630.93 earlier in the session. "The current state of play in the global economy, which consists of declining interest rates, seemingly ever-present geopolitical risks and an upcoming U.S. election has suited gold to a tee," Tim Waterer, chief market analyst at KCM Trade, said.