Gold poised to extend advance on Fed rate-cut view, geopolitical ripples
Thursday, 13 June 2019 18:57 WIB | PRECIOUS METALS |

Gold prices advanced Thursday as demand for the metal rose on expectations for an interest-rate cut by the Federal Reserve this summer.

Nagging trade tensions between the world™s top two economies and intensifying Middle East unease also lured investors into the haven asset, analysts said. U.S. stocks were called higher on Thursday after back-to-back losses and oil prices surged after two oil tankers were reportedly attacked in the Gulf of Oman, leaving one with a damaged hull and the other on fire and adrift.

Against this backdrop, gold for August delivery on Comex rose $2.80, or 0.2%, to $1,339.70 an ounce. Futures prices, which are on their way to an 11th gain out of 12 sessions, are up roughly 2% month to date. The SPDR Gold Shares exchange-traded fund was trading up 0.2% Thursday.

In other metals trade, July silver which serves as both a haven asset and has industrial purpose, gained 3 cents, or 0.2%, to $14.79 an ounce. July copper eased 1 cent, or 0.5%, to $2.64 a pound.

Source : MarketWatch

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