Spot gold rose 0.6% to $2,709.81 an ounce by 1145 GMT, having hit a record high of $2,714.00 earlier in the session. Bullion has gained more than 2% so far this week. US gold futures gained 0.7% to $2,725.
“Markets continue to look at geopolitics and overnight events in the Middle East continue to fan the flames of uncertainty,” said StoneX analyst Rhona O’Connell.
from Lebanon Hezbollah The militant group said Friday it was moving into a new and escalating phase in its war against Israel, while IsraelPrime Minister Benjamin Netanyahu vowed Thursday night to press ahead with the wars in Lebanon and Gaza.
Growing geopolitical tensions prompting investors to seek safe haven assets such as gold, driven by risk aversion and concerns about the global situation. market instability.
“It is not surprising that gold broke new highs and the psychologically important $2,700 during Asian time, as speculative interest appears to be coming from that region,” said independent analyst Ross Norman. “Gold is benefiting from some very high conviction trades and not only are key factors such as falling inflation and Treasury “Gold is up more than 31% this year, with gains driven by anticipation of further easing by major central banks, including the US Federal Reserve and geopolitical tensions.
In physical markets, Indian distributors were forced to offer discounts this week, as record Prices reduced demand ahead of a key festival.
“From a technical point of view, if gold continues to rise, it could encounter resistance around $2,750 an ounce, which is the upper limit of an ascending trend channel we have seen since late July,” said Frank Watson, Dinero Kinesis market analyst.
Spot silver rose 1.2% to $32.08 and was headed for a weekly gain. Platinum added 1.5% to $1,007.25 and palladium rose 1.5% to $1,057.82.
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