Gold jumps 1pc as safe-haven demand, lower US yields support prices

Gold prices jumped 1 per cent on Tuesday as safe-haven demand spurred by an escalation in the Middle East conflict, along with lower US bond yields pushed back prices near last week's record highs, reports Reuters.
Spot gold was up 1.1 per cent at $2,664.20 per ounce, as of 9:48 a.m. ET (1348 GMT), after hitting an all-time high of $2,685.42 last Thursday. U.S. gold futures edged 0.5 per cent higher to $2,673.
Gold is rising because of the possibility of what can happen if things spiral out of control with Lebanon and Israel with boots on the ground, and Iran becomes more involved in the Middle East, said Daniel Pavilonis, senior market strategist at RJO Futures.