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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.

HSBC has launched tokenised gold to its retail customers in Hong Kong as part of a push by the bank and the government to make real-world assets available in digital form.

Copper rallied back above $9,000 a ton as investors weighed upbeat factory data from top consumer China and the potential for output cuts by the country’s leading smelters.

Gold prices approached record highs, driven by safe-haven demand after a major earthquake in Taiwan and ongoing U.S. interest rate concerns. The disaster in Taiwan, which impacted its semiconductor production and raised tsunami alerts in Japan, along with hawkish remarks from Federal Reserve officials, heightened market anxiety.

Gold prices are higher and hit another record high overnight, at $2,308.80 basis June Comex futures, while silver prices are also up and hit a two-year high of $26.68, basis May Comex futures.

Gold notched a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, with Chair Jerome Powell due to speak later Wednesday.