Gold prices scaled new highs on the first day of a new week on Monday as traders anticipated more rate cuts by the US Federal Reserve. Silver prices mimicked the rally in gold and climbed above the $44 per ounce level for the first time since 2011. The crude oil market was, however, in the red on Monday due to oversupply concerns. This year, gold prices have surged by over 40%, primarily due to widespread geopolitical and economic instability, increased purchases by central banks, and relaxed monetary policies. Oil fallsCopy link to sectionOn Monday, oil prices fell as worries about Russia and the Middle East were offset by concerns regarding oversupply.