Gold breaks above $2,700 to record high

FILE PHOTO: A jeweler, wearing a face mask and latex gloves due to the COVID-19 coronavirus pandemic, showcases bars of gold at a shop at the Dubai Gold Souk in the Gulf emirate on May 13, 2020, as markets re-open amidst an easing of pandemic restrictions. –  Gold prices hit a record high above $2,700 on Friday, October 18, 2024, as traders piled into the safe-haven commodity at a time of heightened geopolitical uncertainty. Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on October 17.  Markets have been on edge over the crisis in the Middle East as Israel battles Hamas in Gaza and, more recently, Hezbollah in southern Lebanon. (Photo by Karim SAHIB / Agence France-Presse)

Gold prices hit a record high above $2,700 on Friday as traders piled into the safe-haven commodity at a time of heightened geopolitical uncertainty, including in the Middle East after Israel said it killed Hamas chief Yahya Sinwar.

Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday.

Markets have been on edge over the crisis in the Middle East as Israel battles Hamas in Gaza and, more recently, Hezbollah in southern Lebanon, with worries about a region-wide war that could take in Iran.

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Gold had already been rallying – piling on around 30 percent since the turn of the year – on the back of central banks’ moves to cut interest rates, which makes the commodity a more attractive asset to investors.

Concerns about the long-running war in Ukraine have added to the desire for safer investments.