Political uncertainty, dollar send gold to highest level since May 1
Other precious metals also up, platinum at highest level for a month
LONDON, May 26 (Reuters) — Gold hit its highest in nearly four weeks on Friday as political uncertainty led investors to shun riskier assets in favour of bullion. "We have had the political noise coming from Trump and the US administration and there is a certain element of uncertainty in the markets in general, which is supporting gold. Equities are also down," analyst Carsten Menke at Julius Baer in Zurich said. Leaders of the world’s rich nations face difficult talks with Donald Trump at a G7 summit in Sicily on Friday after the US president lambasted NATO allies and condemned German trade policies a day earlier. Gold is used as an alternative investment during times of political and financial uncertainty. Spot gold had gained 1% to $1,267.74 per ounce by 14:15 GMT, the highest since May 1. US gold futures gained 0.9% to $1,267.40 an ounce. Menke expects gold to remain rangebound with a price target of $1,200 in three months. "The headwinds are coming from US monetary policy. We d...
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