Gold rises to new record at close

WASHINGTON (dpa-AFX) – After last Friday’s sharp rise, gold prices showed a more modest gain in trading on Monday.

Gold for August delivery rose $9.30, or 0.4 percent, to $2,517.70 an ounce, after rising $29.50, or 1.2 percent, to $2,508.40 an ounce in the previous session, closing at a new record high.

The rise in gold prices came despite a rise in the value of the US dollar. The US dollar index rose 0.1 percent after falling sharply last Friday.

The precious metal may have benefited from its safe-haven appeal after Hezbollah and Israeli forces launched attacks across the Lebanon-Israel border.

Israel reportedly carried out a pre-emptive airstrike on Hezbollah rocket launchers in southern Lebanon early Sunday morning.

Iran-backed Hezbollah still managed to fire hundreds of rockets, but most were intercepted or fell in open areas, according to Reuters.

Hezbollah Secretary General Hassan Nasrallah called the attack retaliation for the killing of senior commander Fuad Shukr last month

However, Nasrallah said the barrage had been completed “as planned”, allaying concerns about further escalation and possible constraints on the gold price.

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