NEW YORK (MarketWatch) -- Gold futures rallied Monday for a seventh session, hitting a new high above $1,170 an ounce as the dollar fell and war games in Iran boosted global tensions, increasing gold's appeal as a safe-haven investment.
Gold futures have already seen a seven-day winning streak ended on Nov. 11. The metal has only recorded one losing session this month.
"It is an unbelievable rally," said Darin Newsom, a senior analyst at Telvent DTN, adding that buying is coming from inflation hedge and safe-haven buying due to continued global economic concerns.
