Gold prices rose 0.5% to hover above $2,013 per ounce, indicating a rally back to new all-time highs.

The precious metal may exceed its August 2020 record high of $2,074.88.

Most traders believe momentum will push prices above $2,050.

Gold is a safe-haven asset amid rising Middle East geopolitical tensions and expectations of the Fed’s tightening cycle ending.

Central banks have been major gold purchasers, with China buying most.

Global official gold reserves are 120% higher quarter over quarter.