Gold prices continued their upward trajectory on Wednesday, drawing strength from safe-haven demand as geopolitical tensions between the United States and Iran intensified. This recent uptick comes on the heels of gold’s best performance day since 2008.
The price of spot gold climbed 2.7% to $5,071.79 per ounce by early morning GMT, following a significant 5.9% increase the previous day. This surge was its biggest daily gain since November 2008, with bullion recently reaching a record high of $5,594.82.
The tensions escalated as the U.S. military downed an Iranian drone, sparking concerns and boosting gold’s appeal. Talks between the U.S. and Iran are slated for Friday in Oman, adding further interest in the precious metal as investors closely monitor potential economic shifts.