KONTAN.CO.ID - SINGAPORE. Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal. Spot gold was up 0.2% at $2,387.11 per ounce, as of 0355 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures rose 0.9% at $2,403.90. Gold has got another leg of support from the latest round of Middle East headlines, but it was gaining even before that with central bank purchases and rising inflation expectations also supporting the rally - meaning that gold is behaving like an inflationary hedge once more, City Index senior analyst Matt Simpson said.
Gold Near Record High on Growing Geopolitical Concerns
KONTAN.CO.ID - SINGAPORE. Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal. Spot gold was up 0.2% at $2,387.11 per ounce, as of 0355 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures rose 0.9% at $2,403.90. Gold has got another leg of support from the latest round of Middle East headlines, but it was gaining even before that with central bank purchases and rising inflation expectations also supporting the rally - meaning that gold is behaving like an inflationary hedge once more, City Index senior analyst Matt Simpson said.