Gold basks as global uncertainty lifts safe-haven demand
Metal nudges higher as investors search for less risky assets amid global political and economic uncertainties
Bengaluru — Gold prices nudged higher on Wednesday after hitting their highest in more than three months in the previous session as global political and economic uncertainties bolstered safe-haven demand for the metal. Spot gold was up 0.1% at $1,231.81/oz at 4.20am GMT. On Tuesday, it touched its highest since July 17 at $1,239.68. US gold futures were down 0.2% at $1,234.7/oz. Palladium was down 0.1% at $1,139.50/oz after hitting a record high of $1,150.50 in the previous session. “Gold has benefited from general equity weakness, short-covering, and rising risk aversion.… There is potential for further upside amid rising risk aversion and geopolitical risk,” said John Sharma, an economist with National Australia Bank (NAB). Global stocks have suffered this week on worries about US earnings, Italian government finances, trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi. “Weakness in US equities will neutralize the haven appe...
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