Gold extended its hot streak on Tuesday by setting yet another all-time high, fueled by strong buying momentum and widespread geopolitical risks.
Spot gold rose a further 0.7% to $2,354.88 per ounce by 10:25 a.m. EDT, after closing 0.4% higher on Monday. Earlier, it had reached $2,364.96 per ounce for an eighth straight session of record highs. US gold futures saw a larger gain of 1.2%, trading at $2,379.70 per ounce in New York.
“The fundamentals underpinning the current rally include growing geopolitical risk, steady central bank buying and resilient demand for jewelry and bars and coins,” the World Gold Council said in a recent note.
“With the prospect of lower interest rates ahead, the suggestion is that (gold exchange-traded-funds) ETFs have missed the rally and are now under-allocated,” the Council added.
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