Gold prices nailed another historic peak Tuesday and oil extended gains over rising tensions in the Middle East, while stocks wilted as traders worried whether the rally has run its course.
The haven precious metal advanced as high as $2,266.85 per ounce, gaining 0,5% in morning London deals to extend its blistering record-breaking run, driven also by the prospect of interest-rate cuts in the coming months.
Oil gained more ground as Iran warned its arch-foe Israel that it will retaliate for a deadly air strike on its consular annex building in Syria’s capital Damascus on Monday, raising fears of a spillover of the Gaza war across the region.
“Gold’s historic safe haven appeal has been re-ignited by geopolitical factors which includes the current crisis in the Middle East,” said Rabobank analyst Jane Foley.
With AFP
