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Gold at Two-Week High

Gold at  Two-Week HighGold at  Two-Week High

Gold climbed to a two-week high on Tuesday as falling equities burnished the bullion’s safe-haven draw, and the dollar also came under pressure as the Federal Reserve meets against a backdrop of a slowing global economy, CNBC reported. Risk appetite soured again as equities and crude oil resumed their decline, boosting gold demand. Spot gold touched a session peak of $1,111.26 an ounce, its loftiest since Jan. 8, and was up 0.3% at $1,110.86. “Gold might go for a run,” said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore, adding the metal can test $1,138, a level last reached in November. “If that is breached, it could go to $1,160.” US gold for February delivery rose 0.6% to $1,111.50 an ounce. Indications that a wobbly global economy may limit the opportunity for the US Federal Reserve to raise interest rates this year also supported gold.

 

 

Financialtribune.com