Gold advanced towards record highs on Wednesday as gains in non-yielding bullion were bolstered by weakness in U.S. bond yields and expected rate cuts by major central banks, with additional safe-haven support from ongoing geopolitical conflicts.
Spot gold rose 0.7% to $2,681.50 per ounce by 9:30 a.m. ET (1330 GMT), just a whisker away from record high of $2,685.42 it hit on Sept. 26. U.S. gold futures gained 0.7% to $2,698.20.
Gold stocks shined in morning trading. Gold Resource rose 10%; Harmony Gold Mining rose 5.5%; Gold Fields rose 4.6%; Hecla Mining rose 3%; U.S. GOLD rose 1.4%.
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