Gold rises on safe-haven appeal after Catalonia declares independence
London — Gold edged higher on Friday, reversing earlier losses after the Catalonian parliament’s independence declaration from Spain led investors to seek safety from political upheaval. Catalonia’s declaration was in defiance of the Madrid government, which was preparing to impose direct rule over the region. Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off. Spot gold touched a session high of low of $1,272.80 per ounce, after dipping to its worst in almost three weeks. By 14.40 GMT, gold was up 0.2% to $1,269.51 but was still heading for its second weekly decline. US gold futures for December delivery added 0.1 percent to $1,270.80. "Gold went up on the back of the Catalonia independence, but I still think its not going to last long because the dollar is still trading at high levels," said FOREX.com analyst Fawad Razaqzada. The dollar index eased on a Bloomberg report that Presiden...
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