The price of the yellow metal climbed further on Thursday to hit another record high as the latest geopolitical tensions and inflation concerns solidified gold's position as a sought-after safe-haven asset, Paralel.Az reports citing BBN.

Furthermore, the larger-than-expected surge in US initial jobless claims, along with slower growth in the services sector, has further bolstered the argument for the Federal Reserve to delay its highly anticipated rate cut.

Gold rose 0.12% to $2,305.30 per ounce at 2:56 pm ET.