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Gold at 5-Month High

Gold at 5-Month HighGold at 5-Month High

Gold hit a five-month high on Monday as investors took refuge in safe-haven assets in the wake of rising geopolitical tensions over North Korea, Reuters reported. Spot gold was up 0.3% at $1,288.50 per ounce, after hitting its highest since early November at $1,295.42 earlier in the session. The yellow metal gave up some gains as the US dollar rebounded against the yen from a five-month low of 108.11 hit earlier in the day. “Gold is trading with an upward bias with the $1,300 level just in sight... We expect any dips in prices to be eagerly sought by traders,” said Jeffrey Halley, a senior market analyst at OANDA. Spot gold is expected to rise to $1,303 per ounce as it has broken above a resistance at $1,282, according to Reuters technical analyst Wang Tao. Spot silver was up 0.2% at $18.55 after touching a five-month high of $18.649. Platinum edged up 0.1% to $972, while palladium dropped 0.4% to $791.80.

 

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