Gold Prices Surge to Record Highs on Rate Cut Hopes and Safe Haven Appeal

• Gold prices hit new record highs, propelled by expectations of U.S. interest rate cuts and gold's appeal as a safe haven • Spot gold rose 0.6% to $2,245.79/ounce; U.S. futures over 1% higher to $2,266.39 • Market expects U.S. Fed to cut rates in May or June after latest inflation data still high • Overseas demand also driving prices higher - weak Chinese economy and stock market attracting investors • Gold purchases by central banks continue to diversify reserves due to dollar weakness and geopolitical risks