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Gold Soars to $2,500 as Investors Seek Safe-Haven Assets

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Gold prices soared to a record high of $2,500.16 an ounce on Friday as investors sought safe-haven assets amid expectations of a United States (US) interest rate cut and escalating geopolitical tensions.

The dollar weakened in anticipation of rate cuts, while oil prices plummeted due to subdued Chinese demand and Middle East turmoil.

Wall Street experienced a pullback after a rally on Thursday, following stronger-than-expected retail sales data that alleviated recession fears.

The Dow, S&P 500, and Nasdaq Composite indices slipped 0.2 per cent, 0.3 per cent, and 0.3 per cent, respectively.

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Analysts revealed that the market’s gains have been substantial, with the S&P 500 up over 8 per cent from its August 5 low and the Nasdaq Composite gaining 12 per cent.

However, concerns about the market’s short-term overbought state and weak housing starts and building permits data for July have tempered buyer conviction.

READ ALSO: Tebogo Shocks Paris Olympics, Wins 200m Gold as Lyles Tests Positive for COVID-19

In Asia, the Nikkei 225 surged 3.6 per cent as the yen weakened against the dollar. London’s stock market was an exception, with a strengthening pound weighing on multinationals earning in dollars.

Bayer shares jumped 10.7 per cent after a US court victory in the company’s long-running battle against claims that its glyphosate-based weedkillers cause cancer.

Oil prices fell around 1.5 per cent, with Brent North Sea crude dropping below $80 per barrel.

Analysts attributed the price slump to the absence of a feared retaliatory strike by Iran and new demand concerns weighing on the market.

Iran has threatened to retaliate against Israel for last month’s killing of Hamas political leader Ismail Haniyeh in Tehran.

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