Rising global tensions around Syria and North Korea have pushed gold prices to their highest level since November as investors shift to safe haven assets.
Gold price rose to $1,274/oz after reaching its highest level since November 2016 of $1,279.85.
"Gold has finally broken and closed above its 200-day moving average at $1,257.50, which now becomes a support. From a technical perspective, the way is now clear for a run at $1,300 and possibly higher," - Jeffrey Halley, senior market analyst at OANDA.
US-Russia relations as US Secretary of State Rex Tillerson visits Moscow on Wednesday, The upcoming French presidential election and the tensions between the USA and North Korea could also have significant impact on the short-term development of the gold price.