Gold prices on COMEX rebounded from losses earlier in the day as escalating tensions in the Middle East aided safe-haven demand for the precious metal. The Palestinian militant group Hamas said that its leader,

Gold advanced to a record high after the Federal Reserve lowered its benchmark interest rate by a half a percentage point Wednesday, in an aggressive start to a policy shift to boost the labor market and defend the economy.

Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive, in fact indicating the next moves will be smaller.