Gold rises toward a record high – ING

FXStreet Insights Team FXStreet

Gold is higher at the Monday open, getting closer to a fresh all-time high, with rising tensions in the Middle East fuelling haven demand, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Gold is still $50 below a record of $3,500.10

"Friday saw prices jumping 1.4%. Gold is still $50 below a record of $3,500.10/oz reached in April. If the conflict in the Middle East escalates in the coming days, new highs are likely in sight for gold. Gold has rallied more than 30% this year, driven by US President Donald Trump’s trade policies, geopolitical tensions and demand from central banks."

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