Gold prices remained well on the way to the US$2,700 per ounce mark on Thursday as a new record high was struck.
Gold sat at US$2,675 as of late morning, having climbed by another half a per cent during the day.
The US$2,700 milestone was now in sight, said analysts at IG Group, noting gold’s outlook remained positive in the near term given the current economic landscape and geopolitical tensions.
Last week’s 0.5% base interest rate cut by the Federal Reserve has helped to buoy gold most recently, alongside escalating tensions between Israel and Lebanon-based Hezbollah.
“Expectations of easing Fed policy, falling bond yields, and ongoing global uncertainties all signal potential upside for gold prices,” IG analysts added.