LONDON: Gold hit a record high on Monday as growing optimism that the Federal Reserve will cut US interest rates in the new year has dented the dollar in recent weeks.

The precious metal, seen as a safe haven investment, reached an all-time pinnacle at $2,135.39 an ounce. Profit-taking later set in, leaving it to trade at $2,043.80.

Elsewhere, bitcoin briefly traded above $42,000 to reach a 20-month high, boosted by hopes that the US would soon allow broader trading of the world’s biggest cryptocurrency.

Published in Dawn, December 5th, 2023