The price of gold could soon break record levels if the Israel-Hamas conflict worsens, the head of the world’s biggest miner of the precious metal has said.
Since Hamas militants launched their assault on Israel on October 7, the spot price of gold has risen sharply as investors flee for the safety of the metal, which is seen as a store of value during times of geopolitical uncertainty.
“There are certainly scenarios that you could see it pushing up through record highs,” said Tom Palmer, chief executive of Newmont Gold, in an interview with the Financial Times. “Unfortunately those scenarios for our society aren’t great.”
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