Following the death of the Iranian president, the price of gold and silver reached all-time highs

On Monday, gold reached a record high as investors increased their bets on a rate decrease by the US Federal Reserve in response to recent economic data, while silver reached levels not seen in almost 11 years.

At 15:29 GMT, spot gold had risen 0.4% to $2,424.30 an ounce, after reaching an all-time high of $2,449.89 earlier in the day. At $2,428.50, U.S. gold futures were up 0.5%.

Information revealed that U.S. consumer prices increased less than anticipated in April, indicating that inflation has resumed its declining trend and heightening anticipation for a September interest rate reduction.

Lower rates lessen the opportunity cost of storing bullion that doesn’t yield, which also gains from market turbulence.

Gold also gained when Iranian President Ebrahim Raisi died in a helicopter crash.

Meanwhile, China, a major consumer of gold and other industrial metals, announced on Friday “historic” measures to stabilize its crisis-hit property sector.

Spot silver was up 1.4% at $31.94, after reaching an 11-year high.

Platinum was down 2.2% at $1,056.97, after reaching its highest since May 2023. Palladium, meanwhile, added 0.7% to $1,015.6.