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Two Hours Ago>>Geopolitical Concerns and Weaker Dollar Puts Spotlight on Gold

Posted by Mr.Copper @ 11:14 on April 19, 2017  

Part:

Gold climbed higher on Tuesday due to a weaker dollar and geopolitical uncertainties. Spot gold rose 0.4 percent to $1,289.83 an ounce by 4:41 p.m. EDT on Tuesday after it hit its peak at $1,295.42 in prior session. Concerns about growing tensions between the United States and North Korea drove the demand for the yellow metal. In addition, worries over the upcoming French presidential election also helped push gold prices higher. Gold is often viewed as a safe-haven asset in times of geopolitical and financial turmoil and year to date; Gold is up about 12 percent. Kenadyr Mining Holdings Corp. (TSX-V: KEN), Gold Resource Corporation (NYSE: GORO), McEwen Mining Inc. (NYSE: MUX), Gold Fields Limited (NYSE: GFI), Harmony Gold Mining Co. (NYSE: HMY)

The price of gold was lifted by a weaker dollar as the dollar index fell to a three-week low after the Commerce Department posted disappointing U.S. housing starts data. Gold prices could benefit from a weaker dollar as it makes other currencies holders cheaper to buy dollar-denominated commodities. “Short-term risk is skewed to the downside but underlying support is there with the focus on political uncertainties. We see the yen continuing to strengthen, and a strong yen and strong gold have gone hand-in-hand since November,” said Saxo Bank’s head of commodity strategy Ole Hansen, reported by Reuters.

More:

http://www.prnewswire.com/news-releases/geopolitical-concerns-and-weaker-dollar-puts-spotlight-on-gold-619829203.html

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.