Gold prices rose to near record highs on Wednesday as risks of conflict in the Middle East spreading to other regions led to inflows into safe-haven assets, as well as near-term support from falling U.S. dollar and Treasury yields.
Gold rose 0.3% to $2,389.38 an ounce, not far from its all-time high of $2,431.29 hit on Friday. Gold futures fell 0.1% to $2,405.10.
"The precious metal is heavily overbought from a technical perspective... but bulls are drawing strength from general uncertainty in markets, with geopolitics overshadowing data and monetary policy expectations."
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