Gold prices surged past $2,700 on Friday, October 18, 2024, reaching a new all-time high of $2,704.89. This record-breaking rise comes as investors flock to the safe-haven asset amidst growing geopolitical tensions, particularly in the Middle East. The crisis has escalated as Israel intensifies its battles with Hamas in Gaza and Hezbollah in southern Lebanon, with fears of a wider regional conflict that could involve Iran.
Gold has been on an upward trend throughout 2024, gaining around 30% since the beginning of the year, driven by central banks cutting interest rates, which boosts the appeal of the precious metal. Additionally, ongoing concerns over the war in Ukraine have contributed to the increased demand for safer investments like gold.
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