New York Gold Futures closed positive for the fifth consecutive day on Tuesday, ⁢September 24, supported by a⁣ depreciating dollar⁤ and escalating tensions in the Middle East, which has⁣ increased demand for gold ​as a safe-haven asset.

• COMEX ⁤gold contract for December ‌delivery rose $24.50 ‍or 0.92% to close at $2,677.00/oz.
• Spot⁤ gold prices increased 1.1% to⁣ $2,656.38/ounce ‌after ‌hitting⁢ a record high of $2,654.96.

The dollar index, which measures the dollar’s movement against ⁣six major currencies, fell 0.38% ‍to 100.466, supporting the gold market. A weaker dollar makes gold contracts more attractive to investors holding ​other currencies.

Investors‌ are also buying gold ⁤as a safe-haven asset amid the delicate situation in the Middle East.

The Israeli army’s ‍killing of​ Ibrahim Muhammad Qabisi, the⁢ commander of ‍Hezbollah’s Rocket and Missile Army,‌ has escalated tensions‍ in the region. The death toll in ​Lebanon has risen to 558, with 1,835 injured, the highest since fighting between Israel and Hezbollah in 2006.

Gold prices ⁤have risen 28% this year amid concerns about tensions in⁢ the Middle East between⁣ Israel and​ Lebanon’s Hezbollah, which could expand into a full-scale ‍war.

Bob Haberkorn, senior ⁣strategist at RJO Futures, said gold prices are rising ‍due to Middle East concerns, with ⁢fears ‍that‌ Iran might retaliate. He noted that gold prices could surge past $2,700 as early as ⁤this weekend if the situation in⁣ the Middle East becomes more tense.

Investors are also keeping an eye​ on Friday’s release of the⁣ US Personal Consumption Expenditure (PCE) price ⁤index, a measure of inflation that the Fed focuses on.