Gold climbs above $4,500 in historic rally

Safe-haven demand lifts bullion in wake of geopolitical tensions and rate-cut bets

- Gulf News Report

Gold climbed to a fresh all-time high above $4,500 an ounce as rising geopolitical tensions in Venezuela combined with expectations of further US interest-rate cuts to lift demand for safe-haven assets. Silver and platinum also pushed to record levels.

Spot gold rose nearly 1 per cent, extending a three-day advance, before paring gains to trade little changed.

The rally has been supported by escalating frictions in Venezuela, where the US has blockaded oil tankers, reinforcing gold’s appeal as a store of value.

At the same time, markets are increasingly pricing in additional Federal Reserve rate cuts next year, a supportive backdrop for nonyielding precious metals.