Gold Tops $2,700 for First Time to Extend Record-Breaking Run
- Israel’s killing of Hamas leader sees traders flock to safety
- Investors are repositioning portfolios ahead of US election
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Gold topped $2,700 an ounce for the first time as concerns over escalating conflicts in the Middle East and a tight US election race prompt investors to flock to safety.
Bullion climbed as much as 1% to $2,720.17 an ounce, beating the all-time high set in the previous session. The bullish sentiment spilled over to the wider precious metals complex, with silver jumping as much as 5.5% to the highest since 2012. BlackRock Inc.’s iShares Silver Trust, the largest exchange-traded product tracking the metal, saw a large increase of call options as investors bet on higher prices.