Increasing turmoil around the world, including the escalating fighting between Israel and Hezbollah, has gold prices pushing up to a fresh record -- with front-month gold futures settling up 0.3% to $2,626.50 an ounce and SPDR Gold shares up 0.3% looking for a new record close as well.

The global volatility along with the Federal Reserve's shift in its inflation-fighting campaign has bolstered gold, and there may be more room to travel up. "With geopolitical tensions worsening and the official monetary authorities getting towards full swing over the rate cycle the tailwinds for gold continue to exceed the headwinds and there is still plenty of upside scope," Rhona O'Connell of StoneX says in a note.

Source: Marketwatch