WASHINGTON (dpa-AFX) - Gold continued to trade with a positive bias on Friday, climbing above $2,700 per ounce for the first time despite a surge in the U.S. yields and dollar after the release of upbeat retail sales data.
Spot gold jumped 0.7 percent to $2,712.86 per ounce, while U.S. gold futures were up 0.7 percent at $2,726.25.
The surge is attributed to heightened tensions in the Middle East and uncertainty over the upcoming U.S. elections.
Geopolitical tensions intensified after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said 'the spirit of resistance will be strengthened'.
Meanwhile, bettors are making stronger guesses at who will win the upcoming U.S. presidential election, which could see a close contest between Kamala Harris and Donald Trump. Recent polling has trended toward Donald Trump.
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