Sharjah24 - Reuters: - Due to demand for safe haven assets as a result of Middle East geopolitical concerns, gold prices continued to rise and reached a record high on Monday.
Spot gold rose 0.2% to $2,628.28 per ounce, as of 0349 GMT, after hitting a record high of $2,630.93 earlier in the session. Non-yielding gold is up over 27% so far this year, heading for its biggest annual rise since 2010.
U.S. gold futures gained 0.3% to $2,653.00.
"The current state of play in the global economy, which consists of declining interest rates, seemingly ever-present geopolitical risks and an upcoming U.S. election has suited gold to a tee," Tim Waterer, chief market analyst at KCM Trade, said.
"If the Fed stays committed to its rate-cutting cycle in the coming months then any pullback in gold will likely have buyers waiting in the wings, with investors potentially eyeing off some better entry points."
The U.S. Fed began its easing cycle with a half-percentage point rate cut on Wednesday, forecasting another half-point cut by year-end and a full point next year.
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