Price of gold hits new record high ahead of interest rate cut

(NBC, KYMA/KECY) - The price of gold has hit a new all-time high at just over $2,262 per ounce. The price did slip just a bit during trading to around $2,254 for spot gold, but that still shows an increase of about 1%.

As for U.S. gold futures, that climbed about 1.7% to more than $2,275.

The increase is being largely driven by expectations that the Federal Reserve will announce an interest rate cut in June.

With those expectations, along with gold being seen as a safe-haven investment, and central bank purchases amid geopolitical tensions, gold prices have jumped more than 9% this year.

Gold bullion prices have also hit record highs in other currencies, including Euros, the Yuan, Indian Rupees and the British Pound Sterling.