Falconpowers – Gold prices rose on Monday, hovering just below a record high reached in the previous session, as escalating tensions in the Middle East bolstered appetite for the safe-haven metal.
At 00:56 GMT, spot gold rose 0.3% to $2,350.59 per ounce. U.S. gold futures fell 0.3% to $2,366.40 per ounce, according to Reuters.
Gold reached an all-time high of $2,431.29 per ounce on Friday. The first direct attack by Iran on Israel has raised concerns among Israelis, who fear a larger war may be looming.
Recent U.S. economic data on the labor market and inflation has reignited market expectations of a Federal Reserve interest rate cut.
Lower interest rates reduce the appeal of holding gold, which does not yield interest.
As for other precious metals, spot silver rose 0.4% to $27.98 per ounce, platinum fell 0.1% to $973.05 per ounce, and palladium dropped 1% to $1,038.99 per ounce.
