The price of %Gold bullion has risen above $2,700 U.S. an ounce for the very first time as a rally in the precious metal continues to gain momentum.
The price of gold is currently trading at $2,744.30 U.S. an ounce, an all-time high and the first time ever that the price has topped $2,700 U.S.
Gold’s latest milestone comes as concerns increase about conflicts in the Middle East and a tight U.S. presidential election.
Gold is widely viewed as a safe haven asset and attracts investors during times of geopolitical uncertainty.
Central banks around the world have been buying bullion in large quantities over the past year.
The price of gold has risen about 2.4% over the last week, with violence in the Middle East escalating and polls showing a dead heat in the U.S. presidential election.
Gold has now increased more than 30% this year as interest rates are lowered and amid strong buying on the part of central banks.
Gold is not the only metal whose price is marching higher. The price of silver has jumped 5.5% in recent days and is now at its highest level since 2012.
Prices for palladium and platinum are also moving upwards.