Gold prices hit another record high after fresh U.S. data spurs Fed cut expectations
Gold prices scaled to another record high Monday, propelled by U.S. interest rate cut expectations and the metal's appeal as a safe haven asset.

Spot gold added 0.3% to trade at $2,240.04 per ounce. U.S. gold futures rose 0.8% to settle at $2,257.10 per ounce. The metal hit a high of $2,286.4.

"I think it's a really exciting moment in gold," said Joseph Cavatoni, market strategist at the World Gold Council, told CNBC on Monday. "What's really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts," he said.

Market watchers are expecting the U.S. Federal Reserve to cut interest rates in June.

The key Fed inflation gauge for February climbed 2.8% year on year, according to data released Friday — likely to keep the U.S. central bank on hold before it can start considering rate cuts.

The Fed stood pat on interest rates at the conclusion of its recent March meeting, but stuck with its forecast for three rate reductions this year.