Gold Rises To Fresh Record High On Safe-haven Buying
(RTTNews) - Gold prices surged to fresh record highs Tuesday morning on safe-haven buying amid escalating US-Venezuela tensions, and somewhat fading possibility of any quick end to the Russia-Ukraine war. A weak dollar contributed as well to the yellow metal's rise.
Investors are also digesting the latest batch of U.S. economic data, including the third-quarter GDP report, and the durable goods orders report.
The dollar index drifted lower by $0.33% to 97.97.
Gold futures for February are up $49.40 or about 1.1% at $4,518.80 an ounce.
Silver futures are gaining $2.030 or 2.96% at $70.595 an ounce. Meanwhile, copper moved past $12,000 for the first time ever, amid supply shortages and tariff uncertainty.
Data released by the Commerce Department this morning showed the U.S. economy grew by much more than expected in the third quarter of 2025.
The data said the real gross domestic product spiked by 4.3% in the third quarter after surging by 3.8% in the second quarter. Economists had expected GDP to jump by 3.3%.
A separate data from the Commerce Department showed new orders for U.S. manufactured durable goods tumbled by more than expected in the month of October. The report said durable goods orders plunged by 2.2% in October after climbing by an upwardly revised 0.7% in September.
Economists had expected durable goods orders to slump by 1.5% compared to the 0.5% increase that had been reported for the previous month.
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