Gold breaks above US$2,700 for first time amid Mid-East tensions

Gold breached the US$2,700-per-ounce level on Oct 18 for the first time ever, as US election jitters and simmering Middle East tensions boosted demand, while a looser monetary policy environment also added fuel to the rally.

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Spot gold firmed 0.6 per cent to US$2,709.28 per ounce as at 4.30am GMT (12.30pm Singapore time) and gained 2 per cent this week. US gold futures rose 0.6 per cent to US$2,724.50.

Bullion - a safe haven in times of geopolitical and economic uncertainty - is up more than 30 per cent in 2024. Rate-cut optimism fuelled the most recent gains as the Fed kicked off its easing cycle in September. Strong central bank purchases have also supported gold.