New record from gold

Gold rose above $2,400 an ounce as concerns about rising tensions between Israel and Iran fueled safe-haven demand. Bullion rose as much as 1.3%, heading for a fifth weekly gain, after unconfirmed reports of explosions in Iran, Syria and Iraq. The rhetoric between Iran and Israel has intensified since last weekend’s drone and missile strikes, with Iran warning against attacking its nuclear facilities and threatening to strike back if targeted. Meanwhile, the U.S. has called for restraint. Those geopolitical risks largely offset a jobs data Thursday that fueled concerns that the Fed has some way to go before cutting interest rates, a view shared by some policymakers. High borrowing costs are typically a negative for the precious metal, which pays no interest. Strong demand from global central banks and Chinese consumers also supported bullion, which rose to a record high last week. Data on Thursday showed Swiss exports to China rose 31% in March from a month earlier. Spot gold was up 1.1 percent at $2,404.95 an ounce as of 9:36 a.m. Singapore time. The Bloomberg Dollar Spot Index rose 0.2 percent. Silver, palladium and platinum also rose.