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IPMI and Industry News: Gold Market News

Gold nears six-year high as Mideast tensions spur haven demand

Sunday, January 5, 2020   (0 Comments)
Posted by: Matt Watson
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Gold nears six-year high as Mideast tensions spur haven demand

Sat, Jan 04, 2020 - 6:42 AM

Gold neared a six-year high after a US airstrike killed one of Iran's most powerful generals, ratcheting up tensions in the Middle East and driving demand for havens.

[SINGAPORE] Gold neared a six-year high after a US airstrike killed one of Iran's most powerful generals, ratcheting up tensions in the Middle East and driving demand for havens.

Bullion rallied as much as 1.6 per cent to US$1,553.52 an ounce in the spot market, reaching the highest since September. Platinum futures briefly topped US$1,000 an ounce to touch the highest since early 2018 in New York, while silver and other haven assets rose.

The strike in Baghdad ordered by President Donald Trump killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards' Quds force. Iran's supreme leader vowed "severe retaliation". The US now plans to add 2,800 troops to the 700 already dispatched to Kuwait.

The news helped gold to build on the biggest annual gain in almost a decade, a rally that was driven by a weaker US dollar, lower real rates and geopolitical concerns.

"Market players are now afraid that this marks another level of escalation in a region that is characterised by tension," Daniel Briesemann, an analyst at Commerzbank AG, said by phone Friday. "The US airstrike in Iraq, that's the one and only driver of gold prices today."

 

Article Link:  
http://www.washingtonpost.com/local/md-politics/former-head-of-maryland-marijuana-regulator-joins-industry/2020/01/03/468907ce-2db4-11ea-bcd4-24597950008f_story.html


 

 

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