Gold continued to set new historic highs on Tuesday, supported by strong demand for safe havens, rising for the second day in a row and surpassing the $4,700 per ounce level, recording its highest price ever during the Asian trading session.
The ongoing war between Russia and Ukraine continues to pose geopolitical risks, offsetting the easing of internal unrest in Iran, which has reduced the likelihood of US military intervention. Furthermore, growing fears of a trade war between the US and Europe, coupled with escalating tensions over Greenland, have weighed on investor sentiment and bolstered demand for gold as a safe haven.