Gold jumps to record highs on Monday, boosted by dollar weakness and a power crisis in major producer South Africa that derailed output.
The rise in precious metals also pulled silver to a 27-year high.
Spot gold sets a new record high $929.20 per ounce on dollar fell versus the euro, making bullion priced in the U.S. currency cheaper for non-U.S. investors, as markets anticipated the U.S. Federal Reserve's policy meeting this week.
Markets are aspecting that the Fed will cut interest rates by as much as 50 basis points after the two-day policy meeting ending on Wednesday. The reason behind this speculation is data showing weaker than expected U.S. new home sales in December.
The rise in precious metals also pulled silver to a 27-year high.
Spot gold sets a new record high $929.20 per ounce on dollar fell versus the euro, making bullion priced in the U.S. currency cheaper for non-U.S. investors, as markets anticipated the U.S. Federal Reserve's policy meeting this week.
Markets are aspecting that the Fed will cut interest rates by as much as 50 basis points after the two-day policy meeting ending on Wednesday. The reason behind this speculation is data showing weaker than expected U.S. new home sales in December.