The New York spot price of gold closed Tuesday at just over $2,657 per Troy ounce, the highest recorded to date, largely driven by economic uncertainty.
Interest in buying gold often increases during uncertain times, such as inflation concerns or geopolitics, as people seek safer investments amidst economic turmoil.
This week's record high reflects a climb of hundreds of dollars per ounce over the past year, with gold up nearly 30% year to date.
Geopolitical tensions, particularly with recent developments in Lebanon and ongoing conflicts in Gaza and Ukraine, have further fueled fears and contributed to rising gold prices.
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