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Gold Poised for Second Straight Weekly Gain amid Global Tensions

Summary:
Gold futures are on track for their second consecutive weekly gain as geopolitical tensions continue to send investors into the safe-haven asset. The yellow metal has had a roller coaster trading week, but gold prices are benefiting from US strife with Russia and China, pertaining to trade and foreign policy. June gold futures advanced .20, or 0.39%, to ,347.20 per ounce at 14:56 GMT on Friday. Gold is poised for a second straight weekly gain of about 1%. Year-to-date, the precious metal has climbed roughly 2.5%. Silver is also rallying roughly 1% to finish off the trading week. May silver futures jumped %excerpt%.162, or 0.98%, to .635 per ounce. The white metal is getting ready to record a weekly gain of 1.5%, but the sister commodity to gold is still down 2.43% year-to-date. Precious

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Gold futures are on track for their second consecutive weekly gain as geopolitical tensions continue to send investors into the safe-haven asset. The yellow metal has had a roller coaster trading week, but gold prices are benefiting from US strife with Russia and China, pertaining to trade and foreign policy.

June gold futures advanced $5.20, or 0.39%, to $1,347.20 per ounce at 14:56 GMT on Friday. Gold is poised for a second straight weekly gain of about 1%. Year-to-date, the precious metal has climbed roughly 2.5%.

Silver is also rallying roughly 1% to finish off the trading week. May silver futures jumped $0.162, or 0.98%, to $16.635 per ounce. The white metal is getting ready to record a weekly gain of 1.5%, but the sister commodity to gold is still down 2.43% year-to-date.

Precious metals have been buoyed by a tepid US dollar as the greenback has edged up just 0.07% to 89.83. The buck will post a weekly loss of 0.3%, which is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

Traders have been diving into metal commodities amid trade negotiations between the US and China and strained relations between the US and Russia.

Despite Beijing vowing to lower tariffs, permit greater global investment, and limit trade restrictions earlier this week, Washington is reportedly increasing trade pressure on the world’s second-largest economy through new tariffs and investment barriers.

President Donald Trump is ostensibly threatening his counterpart in Moscow, President Vladimir Putin, when it comes to military action in Syria. This is jittering the global equities market, especially in the oil sector, because any bombings in the Middle East would disrupt supplies and output capacity.

Gains in gold were capped by higher expectations that the Federal Reserve will raise interest rates, according to Federal Open Market Committee (FOMC) meeting minutes released on Wednesday. Concerns over an aggressive rising-rate environment prompted the pullback in gold prices on Thursday. The yellow metal is generally sensitive to rate hikes because it lifts the opportunity cost and sends traders into yield-bearing assets, though if inflation were to spike, then gold would be appealing.

Other metal commodities were mixed at the end of the trading week. May copper futures were flat at $3.06 per pound. May platinum futures dipped $0.90, or 0.10%, to $933.90 per ounce. May palladium futures surged $18.30, or 1.91%, to $977.45 an ounce.

If you have any questions and comments on the commodities today, use the form below to reply.


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Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

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