Gold prices rose beyond $2,350 to record highs despite the easing of rate-cut bets

Gold prices surged to record highs in Asian trade on Monday despite easing bets on U.S. rate cuts. The demand for the yellow metal remained strong due to safe-haven interest, and investors are looking for further cues on the U.S. economy.

Spot gold rose as much as 0.7% to a record high of $2,353.81 an ounce, while gold futures expiring in June rose 0.8% to a record high of $2,372.45 an ounce.

The U.S. labor market remained strong, as shown by the nonfarm payrolls report for March, which indicated little impetus for the Federal Reserve to begin trimming interest rates early. Other precious metals advanced on Monday. Platinum futures rose 0.1% to $941.70 an ounce, while silver futures rose 1.5% to $27.965 an ounce.

Among industrial metals, copper prices fell slightly on Monday, seeing mild profit-taking after surging to 15-month highs the previous week. Three-month copper futures on the London Metal Exchange fell 0.2% to $9,333.50 a ton, while one-month U.S. copper futures fell 0.3% to $4.2287 a pound.

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