Gold on Wednesday held near three-month highs hit the session before, buoyed as political and economic uncertainty in the United States and Europe stoked safe-haven demand. Platinum rose 0.7 percent to $1,008.40, after touching its highest since Nov. 9 at $1,015.20 the session before. Spot silver was mostly flat at $17.68, after marking its highest since Nov. 11 at $17.79 in the previous session. "Gold prices will continue to rise until mid-February on uncertainties in the U.S. and Europe. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, climbed 1.01 percent to 826.95 tonnes on Tuesday from Monday.
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But if the ban clears, gold prices may crash toward $1,200, warned Chintan. Gold futures posted a modest gain Tuesday for a fourth session in a row as geopolitical uncertainty kept prices near their highest settlement level in about three months. If the immigration ban is opposed by the federal judges, investors may believe that Trump's policies may be challenged in U.S. courts, said Karnani. April gold GCJ7, +0.45% rose $4, or 0.3%, to settle at $1,236.10 an ounce, holding ground at its highest settlement since Nov. 10, according to FactSet data. A tale of two refugees amid immigration ban uncertainty (4:55) Bahati Sudjonga and Joshua Mahinanda Kangere, two refugees from the Congo, arrived on nearly opposite sides of the U.S. last week amid a legal battle over President Trump's immigration order.
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Gold prices hit a three-month high
Courtney GoldsmithGold prices have hit a three-month high of $1,239 per ounce amid fresh demand for the safe haven asset. Yesterday, BullionVault said gold investing demand had its strongest January since 2012 as financial and political risks "become reality". "Any weakness in the latter could spur the precious metal to fresh three-month highs, keeping the bullish flag pattern alive," they said before the metal's rise. The yellow metal is now up 0.13 per cent at $1,237.70 per ounce, while spot gold is up 0.19 per cent at $1,236.17. "Gold investing demand has risen with prices as Trump takes office, the UK moves to trigger Article 50, and European politicians start campaigning ahead of this year's key elections," said Adrian Ash, head of research at BullionVault.But if the ban clears, gold prices may crash toward $1,200, warned Chintan. Gold futures posted a modest gain Tuesday for a fourth session in a row as geopolitical uncertainty kept prices near their highest settlement level in about three months. If the immigration ban is opposed by the federal judges, investors may believe that Trump's policies may be challenged in U.S. courts, said Karnani. April gold GCJ7, +0.45% rose $4, or 0.3%, to settle at $1,236.10 an ounce, holding ground at its highest settlement since Nov. 10, according to FactSet data. A tale of two refugees amid immigration ban uncertainty (4:55) Bahati Sudjonga and Joshua Mahinanda Kangere, two refugees from the Congo, arrived on nearly opposite sides of the U.S. last week amid a legal battle over President Trump's immigration order.
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