Gold Surges to New Highs Amid Weak Economic Data and Investor Demand.

Gold futures and bullion traded on the spot gold market jumped about 2% on Tuesday, reaching $2,038.20 an ounce, with the view of possibly setting new record highs in days. The rise in gold prices is a sign that traders expect US interest rates to fall this year. The Federal Reserve has added 475 basis points to US rates over the past 13 months, bringing them to a peak of 5%. Money markets traders followed by Investing.com seemed to be betting that the Fed may be done with its hiking cycle.