Oil prices up and gold hits record as traders weigh geopolitical risks
The price of gold soared to an all-time high of $2,288 per ounce on Tuesday, before settling lower near the end of the trading session, and was back up at around $2,288 again this morning.
Rising geopolitical uncertainties, especially following the recent Israeli attack on an Iranian embassy in Syria on 1 April, has lifted demand for the precious metal. Gold also received a significant boost from major central banks such as the US Federal Reserve, the Bank of England and the European Central Bank, that have hinted at cutting interest rates in the coming few months. Gold's boost could also be due to how US inflation is proving sticky as its economy runs hotter than expected, or how central banks continue to acquire the metal to diversify their reserves. Meanwhile, Brent and WTI are also higher this morning with Brent tagging the $89 mark on Tuesday. The price support comes after a Ukrainian drone struck one of Russia's major oil refineries.
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