Gold prices rose significantly to a new record high, boosting gains by more than 2% as political uncertainty persisted and bets increased on further monetary easing by the US Federal Reserve.
Spot gold reached $3,747 an ounce , while futures contracts ended trading at $3,775 , supported by increased demand for safe havens amid escalating geopolitical tensions between Russia and Ukraine, in addition to markets awaiting speeches from Federal Reserve officials and anticipated US inflation data.
Other precious metals also performed strongly, with silver jumping to its highest level in more than 14 years at $43.99 an ounce , and platinum and palladium rising on expectations of continued strong demand from central banks and global investors.
This momentum in the gold markets reflects a combination of accommodative monetary policies and growing geopolitical risks , enhancing the yellow metal's appeal as a key hedge against global market volatility.
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