Gold futures surged $19.00 to $1,452.00 per ounce in late morning trading on Tuesday, another new record high.
Today’s rally took gold bullion past its previous all-time high of $1,448.60, reached on March 24th of this year.
The strength in the yellow metal followed a disappointing March ISM Services report, which at 57.3 came in below the consensus estimate among economists of 59.5.
The U.S. dollar relinquished its gains against a basket of foreign currencies following the ISM report, with the U.S. Dollar Index holding near unchanged at 76.15 as of 11:33am EST.
With today’s rally in gold, the yellow metal is now higher by 2.2% year-to-date.