Investors often buy gold as a refuge against economic and political uncertainty. The first round of the election is scheduled for April 23, followed by the final run-off vote on May 7. Chile is the world's biggest producer of the red metal, providing almost a third of the world\'s supply. Also on the Comex, silver futures for March delivery inched up 3.2 cents, or 0.2%, to $17.78 a troy ounce. She has vowed to pull France out of the euro zone and hold a vote on its membership in the European Union.
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Spot gold rose 0.4 percent to $1,239.10 per ounce by 1255 GMT, having earlier touched its highest since Nov. 11 at $1,239.57. 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. Spot silver rose 0.3 percent to $17.73, after marking its highest since Nov. 11 at $17.79. (Reuters)Gold hit a three month peak on Wednesday as political risks posed by elections in Europe and worries over U.S. President Donald Trump's policies stoked safe haven demand. "There's underlying demand for gold as a hedge against political uncertainties on both sides of the Atlantic," said Ole Hanson, head of commodity strategy at Saxo Bank.
A Bloomberg Intelligence index of 16 gold producers rose for a fifth straight day in the longest stretch of gains since August. Holdings in the SPDR Gold Shares ETF rose 8.3 metric tons to 827 tons as of Tuesday, the highest since Dec. 20, data compiled by Bloomberg show. Assets have rebounded from a 10-month low set in late January, helping gold prices extend their first annual gain since 2012 as investors question the implications of President Donald Trump's international and domestic policies. Gold's rally this week took it above its 100-day moving average, a sign to some traders and analysts who study chart patterns that prices may rise further. Bullion has climbed 8.1 percent this year as a weaker dollar combined with investor concerns over Trump's presidency.
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Gold hits 3-month peak on heightened political risk
Spot gold rose 0.4 percent to $1,239.10 per ounce by 1255 GMT, having earlier touched its highest since Nov. 11 at $1,239.57. 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. Spot silver rose 0.3 percent to $17.73, after marking its highest since Nov. 11 at $17.79. (Reuters)Gold hit a three month peak on Wednesday as political risks posed by elections in Europe and worries over U.S. President Donald Trump's policies stoked safe haven demand. "There's underlying demand for gold as a hedge against political uncertainties on both sides of the Atlantic," said Ole Hanson, head of commodity strategy at Saxo Bank.
A Bloomberg Intelligence index of 16 gold producers rose for a fifth straight day in the longest stretch of gains since August. Holdings in the SPDR Gold Shares ETF rose 8.3 metric tons to 827 tons as of Tuesday, the highest since Dec. 20, data compiled by Bloomberg show. Assets have rebounded from a 10-month low set in late January, helping gold prices extend their first annual gain since 2012 as investors question the implications of President Donald Trump's international and domestic policies. Gold's rally this week took it above its 100-day moving average, a sign to some traders and analysts who study chart patterns that prices may rise further. Bullion has climbed 8.1 percent this year as a weaker dollar combined with investor concerns over Trump's presidency.
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