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Gold surpassed $2,300 an ounce for the first time yesterday as inflation concerns pushed it to a new record high.
The precious metal reached $2,304 in early trading before falling back.
Gold, seen as a safe asset to invest in during times of economic turmoil, is up 13 percent so far this year.
It has benefited from concerns about inflation, which is still above the 2 percent target in the US, UK and Europe.
However, experts said interest rates were also driven higher by expectations that interest rates would fall this summer.
Gold, seen as a safe asset to invest in during times of economic turmoil, reached $2,304 in early trading before falling back
Bank of America analysts estimate that the precious metal could rise to $2,500 to $2,600 per ounce in the medium term.
The gains sent London-listed gold producers higher, with Fresnillo rising 3.2 percent, or 16.5p, to 540.5p.
“Gold’s blistering rally may gain further traction in the medium term,” Singapore bank OCBC said in a note.
‘Historical evidence since 2001 has shown that gold strengthened when the Fed rate hike cycle ended, and continued its bullish run as the Fed rate cut cycle got underway. That said, we warn of the risk of a relapse.’
Miners also rose on higher metal prices, with Anglo American rising 3.1 percent, or 62.5 cents, to 2,110.5 cents, and Antofagasta up 4.7 percent, or 98 cents, to 2,198 cents.
The FTSE 100 rose 0.5 percent, or 38.45 points, to 7975.89 and the FTSE 250 climbed 0.6 percent, or 119.55 points, to 19873.19.
Magazine publisher Future returned to growth in the three months to the end of March, providing a much-needed breather for its investors.
Stock watch – Cirata
Shares of Cirata, formerly known as Wandisco, fell after its boss warned the recovery was slower than expected following an accounting scandal.
Stephen Kelly’s warning came as the software group’s bookings and revenues fell in 2023, with losses rising from £23m to £29m.
Its shares were suspended for two months last March after it discovered “potentially fraudulent irregularities” in its finances. The stock fell 15.1 percent, or 9.1p, to 51p.
The company, which is behind titles including Marie Claire and Country Life, said its improved performance in the second quarter was thanks to comparison website Go Compare.
The shares, which have fallen by almost a fifth this year, rose 15.9 per cent, or 95.5p, to 665p.
Ascential, which organizes events such as Cannes Lions and Money 20/20, has provided further details of its plans to return £850m to investors.
The group wants to hand over up to £300m to shareholders in a public offer that would see the shares bought at a price between 315p and 331p.
The company also plans to pay a special dividend of at least £450 million and launch a share buyback program of up to £100 million. Shares rose 2.6 percent, or 7.8p, to 313p.
The chairman who played an important role in the transformation of GVC into Entain will step down in September.
Barry Gibson, who joined the gambling giant in February 2020, will be replaced by board member Stella David.
Entain said it is still looking for a CEO.
David has been filling the position on an interim basis since the departure of Jette Nygaard-Andersen in December.
Shares in the gambling group rose 5 percent, or 38.2p, to 797.4p.
Ocado is also preparing to retire its chairman. Rick Haythornthwaite will take up the same job at NatWest in less than a fortnight.
Ocado fell 5 percent, or 22.1 cents, to 417.2 cents, and NatWest rose 2.9 percent, or 7.8 cents, to 280.5 cents.