Gold prices surged to a record high of $3,728 per ounce on Monday, driven by mounting expectations of further US interest rate cuts and persistent safe-haven demand amid political uncertainty. Investors are now awaiting key US PCE inflation data and remarks from Federal Reserve officials this week for additional policy signals. Last week, the Fed delivered its first rate cut since December and indicated more reductions were likely as the labor market shows signs of weakening. Markets are currently pricing in two more 25-basis-point cuts at the Fed’s remaining meetings this year, with expectations of sustained monetary easing fueling bullion’s 40% rally year-to-date. Safe-haven flows have also been underpinned by ongoing geopolitical risks, including the Russia-Ukraine war, concerns over the economic fallout of President Donald Trump’s tariffs, as well as strong central bank purchases and steady ETF inflows.