TOKYO -- Gold futures crossed the $2,700 per troy ounce mark for the first time Thursday, riding a rally driven by geopolitical and economic concerns that has spurred investors to snap up an asset that has outperformed stocks this year.
Gold is often bought when the U.S. Federal Reserve lowers interest rates, something that has been a major buying factor this year. Joni Teves, a strategist at UBS, wrote in a memo Monday that the weak dollar, prolonged geopolitical risks and uncertainty about the U.S. presidential election are also leading investors to gold.
