"Safe-haven demand because of Trump and geopolitical tensions, especially arising out of North Korea's missile test, is lifting gold prices." Spot gold climbed 0.6 percent to $1,243.31 per ounce by 0746 GMT, after earlier touching its strongest since May 3 at $1,244.70. "An inherently weaker dollar was seen because of the Trump rhetoric," said analyst Barnabas Gan at OCBC. REUTERS/Umit BektasBy Vijaykumar Vedala(Reuters) - Gold hit a two-week high on Wednesday as Asian stocks slipped and the dollar fell amid political uncertainty after a source said U.S. President Donald Trump asked the FBI to end a probe into his former security adviser. A melter checks an ingot in Ahlatci Metal Refinery in the central Anatolian city of Corum, Turkey, May 11, 2017.
As it stated in Gold prices rose more than $6 an ounce in early London trading today to change hands at $1,247 per ounce, the highest level since May 3. The SPDR Gold Trust ETF (NYSE:GLD) rose $1.21 (+1.03%) in premarket trading Wednesday. Stocks and U.S. Treasury bond yields tumbled as investors moved cash into safe-haven gold amid a global market selloff. Gold moved higher on very heavy volume yesterday and is now 1.5% higher for the week. Concerns about political turmoil in the U.S. and poor U.S. housing data heightened risk aversion which is leading to dollar weakness.
As it stated in
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collected by :Jack Luxor
As it stated in Gold prices rose more than $6 an ounce in early London trading today to change hands at $1,247 per ounce, the highest level since May 3. The SPDR Gold Trust ETF (NYSE:GLD) rose $1.21 (+1.03%) in premarket trading Wednesday. Stocks and U.S. Treasury bond yields tumbled as investors moved cash into safe-haven gold amid a global market selloff. Gold moved higher on very heavy volume yesterday and is now 1.5% higher for the week. Concerns about political turmoil in the U.S. and poor U.S. housing data heightened risk aversion which is leading to dollar weakness.
As it stated in
Gold at 2-week peak as Trump turmoil hits dollar, U.S. yields
Lower yields reduce the opportunity cost of holding non-yielding gold, while a weaker dollar makes bullion cheaper for non-U.S. investors. "Downward movement in yields and the dollar have given support to gold," ABN AMRO analyst Georgette Boele said. The dollar fell to its lowest since Trump was elected in November and is likely to drop further, Boele said. Higher interest rates would push yields up and likely boost the dollar. FEDWATCHTechnically, gold breached resistance at its 200-day moving average and Fibonacci retracement, both around $1,245, triggering technical buying.read more visit us gold
collected by :Jack Luxor
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