Miner Fresnillo PLC (LSE:FRES) soared as the gold price continued its months-long surge on Friday.
By mid-morning, the precious metal had receded slightly to US$2,397 from a record of US$2,400 per ounce early on, but still a rise of almost 20% from a year ago.
According to Finalto analysts, the latest charge was driven by fears of Iranian involvement in Israel and the prospect of the US raising further debt to support Ukraine.
Miner Fresnillo PLC (LSE:FRES) was up 4.75% at 605.99p on the back of the rally, with a new 10-year high of US$29.20 per ounce for silver also helping.
“Central banks have been busy stocking up on gold and investors have followed suit,” AJ Bell’s Russ Mould added.
“The asset will come in handy if we continue to see a volatile period on the markets as the timing for interest rate cuts is pushed further back,”