Gold futures surged to a new all-time high overnight, as growing expectations for U.S. rate cuts early next year spurred a rush of buying. The precious metal leaped by more than 3% in early trading on Monday to hit a record above $2,130 an ounce, surpassing the previous all-time high it set in August 2020.
February-dated gold futures (GCG24) did reverse, though, as some hedge funds added to their favorite trade - shorting gold and putting the proceeds into the “Magnificent 7” group of tech stocks.
