Gold prices rose to a record high, breaking through $4,500 an ounce for the first time, amid rising tensions in Venezuela and expectations of further US interest rate cuts next year.
Bullion prices rose more than 0.5%, extending their three-day rally. Tensions in Venezuela, where the US has blocked oil tankers, have boosted the precious metal's appeal as a safe-haven asset as it heads for its best annual performance since 1979.
Traders are also betting that the US Federal Reserve will continue its three consecutive interest rate cuts by lowering borrowing costs again next year, which would be a boost for the non-yielding precious metal.
Spot gold rose 0.5% to $4,507.27 an ounce as of 7:44 a.m. in Singapore. Silver rose 0.6% to a record $71,856. Platinum traded above $2,300 an ounce for the first time, according to data compiled by Bloomberg since 1987. Palladium also rose. The Bloomberg Dollar Spot Index ended the previous session down 0.3%. (alg)
Source: Bloomberg
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