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US spot gold shoots up; nearing record high

The price of US spot gold has shot up over the past week, and many forecasters believe it will soon top its record price. On Nov 29, the yellow metal’s spot price was US$2,047 an ounce—well over the $2,000 benchmark. It was the third time this year that gold has crossed $2,000.

Gold price (XAU/USD) holds positive ground for the sixth consecutive day during the early Asian session on Thursday. A modest recovery of the US Dollar (USD) fails to drag the yellow metal lower.

Ewa Manthey, commodities strategist at Dutch bank ING, told the Financial Times that the Israel–Hamas war has likely contributed to the price increase, as gold is typically considered a “safe haven” asset.

China’s NBS Purchasing Managers Index (PMI) data on Thursday will be crucial figures to watch as it could impact the gold price. It’s worth noting that China is the world's largest gold producer and consumer and the stronger-than-expected data might boost the further upside in the precious metal.

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