Gold hits 5-month peak, geopolitical tensions drive flight to safety

Bullion was little changed after touching a five-month high Wednesday.

Gold futures gained 3.90 dollars or 0.31 percent to close at USD 1,278.10 per troy ounce at the COMEX division of the New York Mercantile Exchange.

Gold on Friday held near the 5-month highs hit in the previous session and was set for its biggest weekly percentage rise since April past year as a weaker dollar and geopolitical worries over the Middle East and North Korea stoked safe haven demand. Tarnishing an otherwise brightening outlook for global growth, tensions continued to boil in the Korean peninsula and the Middle East, while the upcoming French presidential election also anxious investors. USA gold futures for June delivery ended 0.8% higher at $1,288.50. The dollar was flat versus a currency basket after falling on Tuesday, though a general risk-off mood prevailed.

But, even as the metal has been breaking out recently, many related stocks continue to trade below their February highs, and a handful of the big names are stuck between their 50- and 200-day moving averages.

Gold soared above $1,280 last night, and now it is back to highs last seen around the time of the United States election in November.

However, the rally above US$1,260 could be hard to sustain "as gold lacks momentum", Jeffrey Halley, senior market analyst at OANDA said.

Brexit Talks to Prove Difficult, 'Confrontational' - EU Council Chief
Tusk also said the European Union would honour all its commitments, and stressed that Britain would have to as well. The EU guidelines make clear there can be no talks on the shape of any future relationship at this stage.

The United States said evidence showed Syria was behind a chemical attack on civilians, and secretary of state Rex Tillerson urged Russian Federation to abandon its support of Syrian president Bashar al-Assad's regime.

On Tuesday North Korea warned of a nuclear attack on the United States at any sign of American aggression, as a U.S. Navy strike group steamed towards the western Pacific. While the drop only has a marginal impact on the inventory levels that have risen by 50m barrels since the start of the year, the market took some bullish cues from it in light of higher refinery runs, ahead of the approaching USA summer driving season, with oil trading higher in Asia.

Among other precious metals, spot silver inched 0.1-percent higher at US$18.51 an ounce, after touching a five-month high of US$18.599 in the previous session.

However, by 4:53pm BST, late into the European afternoon, much of the gains had been shed with the Brent front month futures contract down 0.26% or 22 cents at $55.64 per barrel, slipping below overnight levels above $56.

Platinum fell 0.6 per cent to $US962 after rising over three per cent in the previous session, while palladium dropped 0.8 per cent to $US795.25.

Related News:

  • Browns preseason schedule announced

    Browns preseason schedule announced

    The NFL has announced the 2017 preseason schedule with the Saints, again, facing familiar opponents in exhibition play. Specific dates and times for all of the team's preseason games will be announced by the Browns in the near future.
    Baahubali-2 audio launched in Chennai!

    Baahubali-2 audio launched in Chennai!

    Baahubali 2, a sequel to the 2015 hit Baahubali: The Beginning also stars veteran actors Sathyaraj, Ramya Krishnan and Rohini. Amid all the frenzy that Baahubali has created, not much has been said about the bond that Rajamouli and Prabhas share.

    Kane in line for Tottenham return against Watford

    Watford have not conceded in the last two games - their first consecutive clean sheets in the Premier League since October 2016. After 18, 20 minutes we read the game very well, started to control it, create a lot of chances.
  • Apple said to be targeting a stake in Toshiba's memory chip business

    Apple said to be targeting a stake in Toshiba's memory chip business

    This would help keep Toshiba's memory chip business in favorable US and Japanese hands according to public broadcaster NHK . Auditors suggest - "It is an unusual move for a Japanese company-and with a warning that the entire company could collapse".
    Not as warm, but still mild this afternoon with sunshine

    Not as warm, but still mild this afternoon with sunshine

    TUESDAY: Partly to mostly cloudy skies and a few rain showers will be possible, with a high temperature of 73 degrees. Rain chances will taper off tonight and clouds will near out overnight with lows falling into the mid 50s.

    Airstrikes on Syria might also send message to North Korea

    Navy carrier group headed to the Korean Peninsula amid signs that Pyongyang is preparing for a sixth nuclear test. Trump ordered the strike in Syria in response to a deadly chemical weapons attack on Syrians.
  • Prostate cancer tests are now OK with panel, with caveats

    Prostate cancer tests are now OK with panel, with caveats

    After following patients for a longer period of time, it was shown that for every 1,000 men screened, one to two lives were saved. Catching cancer early is essential to treating unsafe and aggressive forms of the disease, which can be a benefit from the test.
    Per Forbes estimates, Rays franchise value up to $825-million, still last

    Per Forbes estimates, Rays franchise value up to $825-million, still last

    That said, if the team plays well, more people will come to the park and prices can be increased for tickets, merchandise and ads. The Yankees' AL East rival, the Tampa Bay Rays, were ranked the least valuable franchise in baseball at a mere $825 million.
    Below-normal hurricane season expected this year

    Below-normal hurricane season expected this year

    This eight-week period "is often the most active and risky time for tropical cyclone activity", NOAA explained on its website. In addition, this period is responsible for "a whopping 96 percent of the major (Category 3, 4 and 5) hurricane days".
  • Vegas Play of the Day: Rangers at Canadiens

    Vegas Play of the Day: Rangers at Canadiens

    When I start deviating from my game is when I get in trouble. "I think it would've had to have found a squeaky hole to get in". You have to figure the Canadiens have it in them, especially after proving their resilience all season long.
    OnePlus 5 Specs Leaked! Snapdragon 835, 8GB RAM, Dual Camera

    OnePlus 5 Specs Leaked! Snapdragon 835, 8GB RAM, Dual Camera

    In a recent report , there are rumors doing the rounds that OnePlus is now working on their latest flagship, the OnePlus 5. The same report suggests that the OnePlus 5 will feature a dual-edge display , 23MP main camera, and 16MP front shooter.
    'Dancing with the Stars' recap: Mr. T waltzes off, Rashad Jennings dazzles

    'Dancing with the Stars' recap: Mr. T waltzes off, Rashad Jennings dazzles

    After a misstep last week with the Charleston, the judges were thrilled to see him back in fighting form with the foxtrot. Figure skater Nancy Kerrigan shared her pain about suffering six miscarriages, then she went out and danced like a pro.


Most liked

Syria's Assad says Idlib chemical attack 'fabrication' - AFP interview
Denying any involvement whatsoever, the Syrian leader said: "A hundred percent for us, it's fabrication". Mr Corbyn said: "An investigation must take place as to who used those chemical weapons".

Claire Foy among nominees as The Crown gets five Bafta nods
The nominations were announced by actors Andrew Buchan and Michaela Coel at Bafta's headquarters on Tuesday morning. She remains a favorite to win a BAFTA award for her second career nomination.

Sumter's Montgomery to make Major League Baseball debut Wednesday
Montgomery is getting the first chance to show what he can do as the fifth starter and he'll have to pitch well to keep the job. And that something is taking the ball to make his first major league start tomorrow at Yankee Stadium .

EU Urges Calm in Venezuela Amid Opposition Crackdown
The protesters demand elections among other things. "An 87-year-old woman died inside her apartment in Colinas de Bello Monte". It said 40 people will be charged for "acts of violence" in Monday's unrest.

Garcia wins hearts and Masters
Instead, in the playoff, Rose hit his tee shot into the trees, and from there all Garcia had to do was make par from the fairway. That, of course, was the year Phil Mickelson broke his own major drought by winning the Masters in dramatic fashion.

Executions in China said to outpace world despite decline
Meanwhile, 12 states, including Arkansas, yet to abolish the death penalty have not executed anyone for at least 10 years. Together these two states were responsible for the 80% of all executions in the country during the year.

Bradley Cooper and Irina Shayk welcome first child
Bradley Cooper and girlfriend Irina Shayk have reportedly become parents after she gave birth to their first child. The Silver Linings Playbook star and the Russiam model inconspicuously welcomed their baby earlier this month.

Chelsea would be we worthy champions, say the Sunday Supplement panel
Tottenham beat Watford earlier in the day 4-0 to reduce the deficit separating them from Chelsea to four points. When asked about Diego Costa's recent goal drought, Conte said: "Diego Costa provoked the first goal .

SNL destroys Pepsi, Kendall Jenner for that stupid commercial
The ad featured Jenner, a model, leaving a photography shoot, snatching off her blond wig, and joining a protest march. Meanwhile, Pepsi released an official statement following their move to take down Kendall's ad on Wednesday, April 5.

Trial of Samsung heir focuses on father-to-son succession
Operating profit was 9.9 trillion won (8.7 billion US dollars) in the January-March quarter, up 48.2 percent from a year earlier. The estimated revenue during the same period came in at 14.66 trillion won, up 0.7 percent on-year, the company said .

Tillerson Says Destroying ISIS Still 'First Priority' In Syria
The destruction of ISIS is still the primary goal of USA policy in Syria, Secretary of State Rex Tillerson said Sunday. The move immediately prompted a backlash from Russian President Vladimir Putin, who said it would damage U.S.

Pearl Jam, Tupac, Yes, Journey to be inducted into Rock Hall
The event will honor the late rap star Tupac Shakur, along with Joan Baez, Electric Light Orchestra, Journey, Pearl Jam, and Yes. ELO, which kicked off the show with Berry's Roll Over Beethoven . and progressive British rockers Yes were also inducted Friday.

Recent developments bode well for India in area of mental health
From being some of the happiest people on earth, Nigerians have slumped to the rank of the most depressed in Africa. With the right support and care, most people who experience depression will recover and live great lives.

Thompson scores huge Davis Cup upset
The bearded American produced some brilliant reflex volleys and piercing returns to get the visitors right back in the contest. I'll be out there for some of Thommo's match and I think it's a good match up with him against Sock.

Kushner failed to mention meetings with Russians in FBI disclosure form
Since the line "I don't know what it means to be complicit", Merriam-Webster reports that "complicit" after Trump's interview. At the bottom of the screen, in between two Bannon heads, the words "TOTAL CUCK MOVE" appeared as Colbert smirked and pointed.