Gold futures rallied Friday, with prices reaching record settlement and intraday highs on Comex. Gold prices surged as the market reacted to the escalating tensions in the Middle East, said Bas Kooijman, CEO and asset manager of DHF Capital. The escalation has “helped extend gold’s uptrend of the last two months as traders take into account changing expectations regarding monetary policy.” February gold GCG24 rose $32.50, or 1.6%, to settle at $2,089.70 an ounce after trading as high as $2,095.70. Prices based on the most-active contract marked their highest settlement and intraday price levels on record, according to Dow Jones Market Data.
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