Thursday, 14 November 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Gold Busts Above $1,350 as Iran Tension, Fed Outlook Spur Demand
Friday, 14 June 2019 16:03 WIB | PRECIOUS METALS |GOLDEMAS

Gold smashed above $1,350 an ounce to a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week's Federal Reserve meeting, when policy makers may move closer to cutting rates.

Bullion for immediate delivery rose as much as 1.2% to $1,358.26 an ounce. Prices are set for a fourth weekly gain, the longest run since January. Investors are also pouring into gold-backed exchange-traded funds, with holdings rising to the highest since late February.

Gold has surged in June, shaking off a lackluster few months, as investors brace for more uncertainty around global trade and on expectations the Federal Reserve is set to lay the groundwork for looser monetary policy at its meeting next week.

Haven assets are getting a boost from jitters in the Middle East after the Trump administration blamed Iran for attacks on two oil tankers, and the warning by U.S. economic adviser Larry Kudlow that Beijing may face consequences it if refuses an invitation to restart trade talks.

Bullion may reach $1,400 this year as investors hedge risk, according to Rhona O'Connell, head of market analysis for EMEA and Asia regions at INTL FCStone Inc. Billionaire trader Paul Tudor Jones said earlier this week gold is his favorite pick in the next 24 months and, if prices hit $1,400, they will quickly move to $1,700.

Other precious metals also rose. Silver has gained 0.1% this week, platinum is up 1.4% and palladium has rallied 7.3% to the highest since April 29.

Source : Bloomberg

RELATED NEWS
Gold, Silver Prices Score First Gain in 5 Sessions...
Thursday, 14 November 2019 02:06 WIB

Gold and silver prices posted their first gain in five sessions on Wednesday, with uncertainty over the outlook for a U.S.-China trade deal and the first day of public impeachment proceedings against ...

Gold Climbs as Trade Uncertainty Weighs on Risk Appetite...
Wednesday, 13 November 2019 20:26 WIB

Gold prices gained on Wednesday on lack of clarity on the U.S.-China trade negotiations, keeping markets wary about the tariff war™s toll on the health of the global economy. Spot gold rose 0.5% to...

Gold Gains as Optimism on U.S.-China Trade Deal Cools...
Wednesday, 13 November 2019 18:35 WIB

Gold rebounded from near a three-month low as optimism over a trade deal ebbed and traders looked for signs of a reversal in the recent downtrend in precious metals. Spot gold climbed 0.6% ...

Gold Rises From Three-Month Low on Trump Tariff Threat...
Wednesday, 13 November 2019 09:24 WIB

Gold advanced from a three-month low as investors weighed President Donald Trump™s latest comments on a U.S.-China trade deal with the general improvement in risk appetite. Spot gold +0.2...

Gold prices dip on upbeat appetite for riskier assets...
Wednesday, 13 November 2019 02:28 WIB

Gold slipped on Tuesday to its lowest in more than three months on increased appetite for riskier assets, while U.S. President Donald Trump failed to provide any information on the trade deal with Chi...

LATEST NEWS
Hong Kong stocks open with more losses

Hong Kong stocks suffered fresh losses at the start of trade on Thursday morning following another day of violence in the city, which has been brought to a standstill in some areas by pro-democracy protesters. The Hang Seng Index shed 0.48...

AUD/JPY flashes fresh 3-week low after AU employment, Japanese GDP

While the US-China trade stalemate was already exerting downside pressure on the AUD/JPY pair, a surprise negative reading of Australian employment change figure drags the quote down to 74.00 by the press time of Thursday™s Asian...

Oil rises on decline in U.S. crude stocks, Fed comments on economy

Oil prices rose on Thursday, extending gains from the previous session, as an industry report showing a fall in U.S. crude stockpiles last week added to positive comments by the U.S. Federal Reserve head on the U.S. economy. U.S. West Texas...

POPULAR NEWS
Gold falls to three-month low as demand for haven assets wanes
Tuesday, 12 November 2019 01:53 WIB

Gold futures settled firmly lower Monday, driving the yellow metal to the weakest level level in about three months. December gold concluded the...

Gold prices dip on upbeat appetite for riskier assets
Wednesday, 13 November 2019 02:28 WIB

Gold slipped on Tuesday to its lowest in more than three months on increased appetite for riskier assets, while U.S. President Donald Trump failed...

Gold Rebounds as Trade Dispute in Focus, Stocks Drop
Monday, 11 November 2019 16:03 WIB

Gold advanced after its biggest weekly drop in three years as investors parsed the latest developments in the U.S.-China trade conflict. Spot gold...

Asia shares turn sluggish ahead of Trump speech
Tuesday, 12 November 2019 07:50 WIB

Asian share markets got off to a sluggish start on Tuesday amid uncertainty over both the Sino-U.S. trade talks and the domestic political situation...