The gold price hit an annual high of $1,300 an ounce on Friday in safe haven trade as markets braced themselves for further fallout from President Donald Trump’s economic policies. Rumours were that Trump’s chief economic adviser, Gary Cohn, was set to leave as part of a bitter power struggle with former White House strategist Stephen Bannon, a step that could "crash" markets, according to media reports. The terrorist attack in Barcelona, in which 14 people died, further supported gold. Gold reached a high of $1,300.80, but could not hold on to the higher level despite a weaker opening on the Dow. It was at $1,290.40 an ounce in early evening trade. The gold index gained 3.88%, to 1,410.53 points — a two-month high. There seemed to be a number of factors driving the bullish case for gold, said Oanda analyst Craig Erlam. These included a weak dollar, US political risk, geopolitical risk and Cohn’s possible resignation. Gold shot up 1%, to $1,283 following the Barcelona attack. It rec...
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