Gold hit a record high in early Asian trading, and heightened geopolitical risks usually increase the safe-haven appeal of this precious metal. Spot gold rose 0.3% to $4,455.89 an ounce, previously hitting $4,459.59 an ounce, according to Intercontinental Exchange data. Naga market analyst Frank Walbaum said that although diplomatic efforts continue, the prospects for a cease-fire in Eastern Europe seem increasingly slim. The market analyst said that the tension in the Middle East remains serious, while friction between the US and Venezuela has escalated.

Gold hit a record high in early Asian trading, and heightened geopolitical risks usually increase the safe-haven appeal of this precious metal. Spot gold rose 0.3% to $4,455.89 an ounce, previously hitting $4,459.59 an ounce, according to Intercontinental Exchange data. Naga market analyst Frank Walbaum said that although diplomatic efforts continue, the prospects for a cease-fire in Eastern Europe seem increasingly slim. The market analyst said that the tension in the Middle East remains serious, while friction between the US and Venezuela has escalated.