Gold's rally shows no signs of abating.
The metal surged to the highest level in almost six years as fresh U.S. sanctions on Iran added to uncertainty in global markets, with investors also looking to the G-20 summit this weekend where Presidents Donald Trump and Xi Jinping are expected to meet to discuss trade. Another key event on traders’ watchlist is Federal Reserve Chairman Jerome Powell’s speech in New York later Tuesday, which will touch on monetary policy.
Spot gold climbed as much as 0.7% to $1,428.88, the highest since August 2013, and traded at $1,425.42 at 9:37 a.m. in Singapore. A gauge of the U.S. dollar hit a three-month low.
In other precious metals, silver rose 0.3%, platinum added 0.1%, and palladium advanced 0.3%.