Gold prices soared to unprecedented heights on Friday, fueled by a confluence of favorable factors. The precious metal pushed through the pivotal $2400 level, with June 2024 futures settling at a record $2419.80, up an impressive $39 or 1.64%.

Gold has had a minor decline today. Gold futures basis the most active June 2024 contract open $2391, traded to a low of $2375, a high of $2402.70, and finally at $2385.50, after settling lower by nine dollars cents or 0.39%.

The latest US inflation data provided a glimmer of hope that price pressures may be starting to cool, fueling expectations that the Federal Reserve could begin easing its aggressive monetary tightening campaign later this year.