Gold surged past $2,600 for the first time, driven by expectations of further U.S. interest rate cuts and rising Middle East tensions.

Spot gold rose 0.3% to $2,593.80 per ounce, while U.S. gold futures increased 1.2% to $2,646.30.

Gold’s price has jumped 26% in 2024, the largest annual rise since 2010, as investors seek safe-haven assets amid global conflicts.

Analysts warn the rally may face a correction, though geopolitical risks and a weaker dollar could sustain demand, CNBC has reported.

Meanwhile, platinum fell 1.1%, and palladium dropped 1.7%.

Written by B.C. Begley