Gold prices surged to a record high above $3,030 an ounce as tensions in the Middle East and concerns over a slowing US economy pushed investors towards safe-haven assets.
The rise in gold prices was driven by airstrikes launched by Israel across Gaza, which killed hundreds of people, shattering a nearly two-month ceasefire. Traders also digested recent US economic data showing consumer anxiety about President Trump’s tariff measures.
Despite the uncertainty, gold has continued its strong performance this year, rising over 15% and extending its 2024 gains. Inflows into physical-backed gold exchange-traded funds reached a fifth consecutive day, with the amount of gold held in ETFs increasing by 5% this year.
Analysts expect gold to continue rising, with some predicting prices could reach $3,100 within the next 12 months. Spot gold rose 1.1% to $3,033.44 an ounce as of 12:16 p.m. in New York, while silver and platinum edged lower.
Source: https://finance.yahoo.com/news/gold-holds-near-3-000-002357142.html