Gold prices soared to their highest level in 2024, driven by increased expectations of an interest rate in June by the United States Federal Reserve.

Spot gold rose by 1.4 percent to USD 2,113.28 per ounce as of 02:10 PM Eastern Time (19:10 GMT), reaching its highest level since December 4, 2023. Prices hit an all-time high of USD 2,135.40, according to Reuters.

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US gold futures rose by about 1.5 percent at USD 2,126.3.