(20 second reading) Gold climbed past $2,410 per ounce, marking a new record high, posting 3 percent gains for the week as Middle East tensions flair. Gold has been taking support from safe-haven buying on the back of higher inflation, expectation of interest rate cuts and global geopolitics tensions.
The latest reports suggest Israel Israel says that around 300 drones and missiles were fired by Iran and that some of the launches also came from Iraq and Yemen.
The other factor that would support gold is the rising crude oil prices. Crude is up 18 percent in 2024 till time on the back of supply disruptions at the Red Sea, Russian oil facilities attacked by Ukraine drones and the OPEC output cuts. higher crude means higher inflation, adding buying support to Gold.