At 1:37pm BST, the Comex gold futures contract for the June delivery was up 1.01% or $12.30 at $1,248.70 an ounce, while spot gold was trading at $1,249.58 an ounce, up 1.00% or $12.34 an ounce. Safe haven punters returned to the fore on Wednesday (17 May) driving gold prices higher as the dollar weakened on US political uncertainty. Persistent dollar weakness should encourage short term bulls." Meanwhile, in its latest Oil Market Report, the International Energy Agency (IEA) downgraded its 2017 US demand growth expectations to zero. Away from precious metals, oil benchmarks remained on positive turf following confirmation by Saudi Arabia and Russia of production cut extensions.
according to "Downward movement in yields and the dollar have given support to gold," ABN AMRO analyst Georgette Boele said. gold futures settled up 1.8 per cent at $1,258.70. "And on top of this you get political uncertainty which is denting the dollar."U.S. It was on track for its biggest one-day gain since June 2016.U.S. Palladium was down 2.2 per cent at $776.22.
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according to "Downward movement in yields and the dollar have given support to gold," ABN AMRO analyst Georgette Boele said. gold futures settled up 1.8 per cent at $1,258.70. "And on top of this you get political uncertainty which is denting the dollar."U.S. It was on track for its biggest one-day gain since June 2016.U.S. Palladium was down 2.2 per cent at $776.22.
according to
Gold extends biggest rally since Brexit vote on Trump jitters
That prompted the sharpest drop in Wall Street stocks since Sept. 9 and knocked the dollar nearly 2 percent lower versus the Japanese yen. Spot gold was up 0.2 percent at ,263.06 an ounce at 1102 GMT, while US gold futures for June delivery were up .20 an ounce at ,262.90. Spot gold was up 0.2 percent at $1,263.06 an ounce at 1102 GMT, while US gold futures for June delivery were up $4.20 an ounce at $1,262.90. "This is related to a flare-up of geopolitical risks with what's happening in the U.S. with Trump and Russian implications,"Capital Economics analyst Simona Gambarini said. "The U.S. dollar is tending towards weakness due to the political chaos in the United States and the increasingly frequent scandalous reports about U.S. president Trump," Commerzbank said in a note.read more visit us gold
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