Gold prices ticked up for the eighth consecutive session on Thursday, extending their record-breaking rally.
By 3:25 pm AEDT (4:25 am GMT) spot gold prices were up $5.38 or 0.2% to fresh record highs of US$3,052.62 per ounce.
Gold’s recent surge has been underpinned by expectations of Federal Reserve interest rate cuts and fears of stagflation in the U.S. economy.
The Fed’s latest Dot Plot signalled two rate cuts this year, while officials raised inflation projections and lowered growth and employment forecasts, citing the economic impact of U.S. President Donald Trump’s tariffs.
The central bank kept its policy rate unchanged at 4.25%-4.50%, reinforcing the appeal of non-yielding assets like gold.
Safe-haven demand also continues to support gold prices amid escalating geopolitical tensions in the Middle East. On Wednesday, Israel launched fresh ground operations in Gaza, issuing what it called a "last warning" for hostages to be returned and Hamas to be removed from power.
Traders are closely watching upcoming U.S. jobless claims and existing home sales data for further insight into the health of the economy.
Market participants will also be monitoring comments from Federal Reserve officials as they return to the spotlight after a media blackout period.
