Gold extends rally, jumps over 2% as US-Iran tensions flare

Gold prices extended gains on Wednesday on safe-haven appeal, as renewed geopolitical tensions between the US and Iran added to the yellow metal’s recent upswing that saw it mark its best day since 2008 in the previous session. Spot gold gained 2.7% to $5,071.79 per ounce as of 0353 GMT, after surging 5.9% on Tuesday, its biggest daily gain since November 2008. Bullion scaled a record high of $5,594.82 last Thursday. US gold futures for April delivery climbed 3.2% to $5,092.0 per ounce. “Gold has climbed back about the key $5,000 level, (as) geopolitical tensions have lifted the metal’s safe-haven appeal after US forces downed an Iranian drone,” said Jigar Trivedi, a senior research analyst at IndusInd Securities.