Gold hovers near record peak on safe-haven interest

Gold prices approached a record high on Tuesday as traders sought to mitigate risks amid uncertain geopolitics and macroeconomic challenges. Bullion also gained support from an uptrend in base metals. Spot gold climbed 0.26% to $2,431.42 per ounce, hitting a record high of $2,449.89 the previous day. U.S. gold futures dropped 0.12% to $2,435.50. Factors such as concerns about rising U.S. government debt and efforts to stabilize China’s property sector have increased demand for safe-haven gold. Global gold-backed exchange traded funds (ETFs) received the largest weekly inflow since October 2023 at $1 billion. The Federal Reserve’s last policy meeting minutes will be closely watched by investors.