Gold smashed above $1 350/oz to a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week’s Federal Reserve meeting, when policy makers may move closer to cutting rates.
Bullion for immediate delivery rose as much as 1.2% to $1 358.26/oz. Prices are set for a fourth weekly gain, the longest run since January. Investors are also pouring into gold-backed exchange-traded funds, with holdings rising to the highest since late February.