HONG KONG: Gold rose toward a record on Monday, as Israel signaled no letup in its campaign to destroy Iran’s nuclear capabilities, fueling concerns of a widening conflict in the Middle East.
Bullion gained as much as 0.5% early Monday in Asia to around US$3,450 an ounce, about US$50 short of its all-time high, set in April.
The precious metal has rallied more than 30% this year, thanks to investors seeking hedges against geopolitical tension and US President Donald Trump’s aggressive trade policies.
Strong demand from central banks and sovereign institutions has also supported prices.