Gold Edges Up To New Record Closing High

(RTTNews) - Following the sharp increase seen last Friday, the price of gold showed a more modest move to the upside during trading on Monday.

Gold for August delivery rose $9.30 or 0.4 percent to $2,517.70 an ounce after surging $29.50 or 1.2 percent to $2.508.40 in the previous session, reaching a new record closing high.

The increase by the price of gold came despite an uptick by the value of the U.S. dollar, with the U.S. dollar index inching up by 0.1 percent after falling sharply last Friday.

The precious metal may have benefited from its appeal as a safe haven after Hezbollah and Israeli forces exchanged attacks across the Lebanon-Israel border.

Israel purportedly launched a preemptive airstrike on Hezbollah missile launch sites in southern Lebanon early Sunday morning.

The Iranian-backed Hezbollah still managed to launch hundreds of missiles, but according to Reuters, most were intercepted or fell in open areas.

Hezbollah secretary general Hassan Nasrallah called the attack retaliation for the assassination of senior commander Fuad Shukr last month

However, Nasrallah said the barrage had been completed "as planned," offsetting worries about further escalation and potentially limiting gold's gains.