Morning Business Report: Gold hits record high amid market volatility

Gold prices have surged to unprecedented levels, surpassing $3,000 per ounce for the first time.

(CNN)- Gold prices have surged to unprecedented levels, surpassing $3,000 per ounce for the first time last week. The precious metal continued its upward trend, closing at $3,051. So far this year, gold has climbed 12%, while the S&P 500 has fallen nearly 7%, as investors seek safe-haven assets amid geopolitical uncertainty.

The Federal Reserve kept interest rates unchanged and reaffirmed its plan for two rate cuts this year. However, officials acknowledged growing economic uncertainty, raising inflation forecasts and lowering growth projections. Markets responded positively, with the Dow gaining 383 points and the Nasdaq jumping 247.

The Social Security Administration is tightening security measures to combat identity fraud. In the next two weeks, more individuals will be required to visit an office to claim benefits or update direct deposit information. To offset potential delays, the agency plans to accelerate processing times, reducing the wait for direct deposit changes from 30 days to just one business day.

Homeowners looking to sell may want to take advantage of prime listing dates. According to Realtor.com, homes listed between April 13 and April 19 could sell for an average of $27,000 more. Meanwhile, Zillow reports that homes listed in the last two weeks of May 2024 sold for 1.6% more than at other times of the year, translating to a $5,600 boost on a typical U.S. home sale.