Post: Gold Prices Rise to Record High Driven by Increased Demand

Gold prices rose to a record high Tuesday, driven by increased demand for the yellow metal as a safe haven. Gold rose in spot transactions by 0.7 percent, recording $2,739.81 per ounce, after recording a record level of $2,744.08 earlier in the session. US gold futures also rose by 0.6 percent, reaching $2,754.30 per ounce. Gold is considered a hedge in times of economic crises and political volatility, and has risen by more than 32 percent since the beginning of this year, achieving multiple record levels. As for other precious metals, silver in spot transactions rose by 2.8 percent, reaching $34.72 per ounce, after reaching its highest levels since the end of 2012 in the previous session. Platinum rose 2.6 percent to $1,029.10 an ounce, while palladium rose 2.2 percent to $1,074.38 an ounce Source: Qatar News Agency