Gold holds close to two-and-a-half-month high
Bullion is hardly changed as risk-averse investors seek refuge in the metal amid rising political tension and economic uncertainty
Bengaluru — Gold prices held steady on Tuesday near last session’s two-and-a-half-month high as risk-averse investors sought refuge in the metal amid rising political tension and economic uncertainty. Spot gold was little changed at $1,226.11/oz at 3.53am GMT. Gold touched $1,233.26 on Monday, its highest since July 26, as global stocks slid on rising tension between western powers and Saudi Arabia and concerns over the pace of global economic growth. Asian stocks rose modestly on Tuesday, gaining a firmer footing after a week of heavy losses. US gold futures were flat at $1,229.90/oz. “While the sell-off in stocks rekindled some demand, there were other key factors in play. With escalating trade tensions, concerns over slowing global growth, geopolitical tensions and US midterm election jitters in the mix, gold has a chance to shine,” said Lukman Otunuga, Research Analyst for FXTM. “While the risk-off trading environment is poised to send gold higher in the near term, the medium- t...
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