Gold prices continued to shine, rising in early trading on Tuesday, approaching the record high reached last week, as concerns over rising geopolitical tensions between Iran and Israel boosted demand for the yellow metal as a safe haven.
Update prices
Spot gold was up 0.2 percent at $2,387.11 an ounce by 0355 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures rose 0.9 percent to $2,403.90.
Matt Simpson, chief analyst at City Index, said gold had received another boost from the latest news from the Middle East, but it had been rising even before that thanks to central bank buying and rising inflation expectations, meaning gold is being used as an inflation hedge again.
Gold rose 1.6 percent in the previous session despite data showing U.S. retail sales rose more than expected in March.
Data from the US has raised questions about the likelihood of a rate cut, with the market now betting on two cuts of less than a quarter point by the end of the year, compared with three cuts about a month ago.
Among other precious metals, silver fell 0.3 percent to $28.80 an ounce, platinum rose 0.4 percent to $966.49, and palladium lost 1 percent to $1,025.43 an ounce.
