The price of gold reached a record high as hopes mount for a US rate cut this summer, following weaker-than-expected economic data published last week.The price of the precious metal surged to $2,114 (£1,664) an ounce in the spot market, after steady increases over the past few weeks.It follows the publication of US economic data last week which sparked hope for the Federal Reserve's first rate cut of the year in June.
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