Gold pared gains after reaching a fresh record high amid tensions in the Middle East and the approaching US presidential election.
Bullion rose as much as 0.7% before retreating as some investors booked profits after the precious metal’s four-day winning streak. It breached the $2,700-an-ounce threshold last week, with analysts attributing gains to haven demand amid uncertainty around the outcome of the US election and ongoing worries over the Middle East. Israel has been discussing its attack on Iran after a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu’s private home at the weekend.
Silver advanced as much as 1.7% on Monday to the highest since 2012 before surrendering those gains.