Gold rose to a record high — the 50th day it’s done so this year — on escalating geopolitical tensions and prospects for more US rate cuts. Silver also set an all-time peak.
Spot gold climbed as much as 1.2% to just below $4,500 an ounce, extending gains after its biggest one-day jump in more than a month. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals.