Gold rises to record high above $4,500 on safe-haven flows

Gold (XAU/USD) rises and hits its record high around $4,505 during the Asian session on Wednesday. The precious metal gains momentum as the Israel-Iran conflict and the rising in US-Venezuela tensions boost the safe-haven demand.

Furthermore, the recent soft US inflation and cool jobs reports have fueled market expectations for at least two 25-basis-point rate cuts from the US Federal Reserve (Fed) next year. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.