Thanks to its status as a safe haven, the courses of Gold continued to rise on Wednesday, while tensions renewed geopolicies between the United States and Iran have contributed to the Recent rise in the yellow metal, which had recorded its best day since 2008 at the previous session.

Spot gold gained 2.7% to reach $5,071.79 per ounce at 3:53am GMT, after jumping 5.9% on Tuesday, its highest daily increase since November 2008.

The gold price reached a record of $5,594.82 last Thursday.

American gold futures for deliveries in April increased by 3.2% to $5,092.0 the ounce.

Jigar Trivedi, senior research analyst at IndusInd Securities reports: “Gold has recovered to around the key level of 5,000 dollars, (while) geopolitical tensions have reinforced the appeal of metal as a safe haven after American forces shot down a drone Iranian”.

The cash price increased by 3.2 % to reach $87.84 per ounce.

It hit an all-time high of $121.64 on Thursday.

Spot platinum rose 2.9% for reach $2,273.70 per ounce after reaching an all-time high of $2,918.80 on January 26, while palladium gained 3% for stand at $1,784.67.