Silver also benefited from the flight to safety, leaping above the $120 level. Spot gold rose 2.2% to $5 516.71 an ounce by 11h47 CAT, after hitting a record $5 594.82 earlier in the day. The metal, which has hit record highs for nine straight sessions, was set for a 28% rise for the month so far.
US gold futures for February delivery jumped 4% to $5 509.60 after hitting an all-time high of $5 626.80 earlier. Bullion has gained more than 27% so far this year as policy uncertainty in the US, coupled with elevated geopolitical tensions and economic uncertainty, has prompted investors to seek safety in the yellow metal.
“Gold’s perfect storm continues with US-Iran geopolitical tensions, a weak dollar and market expectations of more Fed rate cuts driving prices to endless record highs,” said Jamie Dutta, Market Analyst at Nemo.money, adding that strong ETF inflows have also contributed to the rally.
–Reuters–
