Gold prices hit a record high, boosted by escalating geopolitical risks.

Gold hit a historic high in early Asian trading, as the escalating geopolitical risks typically enhance the safe haven appeal of this precious metal. Intercontinental Exchange data shows spot gold rose 0.3% to $4,455.89 per ounce, having earlier touched $4,459.59 per ounce. Naga's market analyst Frank Walbaum said that although diplomatic efforts are still ongoing, the prospect of achieving a ceasefire in Eastern Europe seems increasingly bleak. The market analyst noted that the situation in the Middle East remains tense, while tensions between the United States and Venezuela have escalated.