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What’s next? – GOLD 18.08.17

18 August 2017 01:51 PM BDT
What’s next? – GOLD 18.08.17

Gold prices rose in Asian trade on Friday, moving to two month highs, as a terrorist attack in Spain increased demand for safe haven assets. On the Comex division of the New York Mercantile Exchange, gold futures were trading 0.62 percent or $6.70 up at $1,299.10 a troy ounce as of 07:20 GMT. A van was driven into pedestrians in one of Barcelona’s most popular areas in the summer season. The attack left 13 people dead and more than 100 injured. While the so called terrorist organization Islamic State claimed responsibility for this particular attack, Spanish authorities haven’t confirmed it yet. A weaker US dollar was also supporting the yellow metal. Eight CEOs left the government’s business advisory councils on Wednesday in response to Trump’s remarks over the violence in Charlottesville, Virginia. Trump had said not only white supremacist were to blame. Also, rumors that White House top economic adviser Gary Cohn was also leaving his job weighed on market sentiment. A WH official later denied such intentions from Cohn. Traders believe tensions between the administration and business leaders can affect further reforms. The US dollar index, which gauges the greenback against a basket of six major currencies, was down 0.18 percent at 93.37. Gold is sensitive to interest rates moves, which increase the opportunity cost of holding non yielding assets such as the metal.

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