US Gold Futures Hit Record Highs

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New York gold futures rose sharply to reach a record high on Monday, boosted by a sliding dollar, production halts in South Africa, and the expectation of an aggressive rate cut by the Federal Reserve.

New York gold futures rose sharply to reach a record high on Monday, boosted by a sliding dollar, production halts in South Africa, and the expectation of an aggressive rate cut by the Federal Reserve.

At 11:08 a.m. EST (1608 GMT), the active gold for February delivery GCG8 on the COMEX division of the New York Mercantile Exchange jumped $13.10 or 1.4 percent to $923.80 an ounce. Just moments earlier, the February contract had scaled a record high of $924.80.

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