Gold prices surged to a new quarter-century high of $700 an ounce Tuesday as funds bought into the market, driven by tension between the United States and Iran and expectations of a pause in interest rate hikes.

Gold broke through the $600-an-ounce level for the first time in over 25 years on April 6. Many analysts say it could surpass its all-time record of more than $800 an ounce, reached in early 1980.

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