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Global gold prices hold near four-week highs, political tensions support

LiveMint logoLiveMint 29-05-2017 Vijaykumar Vedala

Bengaluru: Gold prices held near their highest in four weeks on Monday after rising almost 1% in the previous session, buoyed as geopolitical tensions boosted its safe-haven appeal.

Spot gold prices were flat at $1,266.40 per ounce at 6.14am. On Friday, it climbed 0.9% to touch its strongest since 1 May at $1,269.50. US gold futures slipped 0.1% to $1,266.4 an ounce.

North Korea fired what appeared to be a short-range ballistic missile on Monday that landed in the sea off its east coast, South Korea’s military said, the latest in a series of missile tests defying world pressure and threats of more sanctions.

US President Donald Trump attacked the news media and dismissed leaks from the White House as “fake news” on Sunday, following reports his son-in-law tried to set up a secret channel of communications with Moscow before Trump took office.

British Prime Minister Theresa May’s lead over the opposition Labour Party has narrowed sharply, according to opinion polls published since the Manchester attack, suggesting she might not win the landslide predicted just a month ago.

The US economy slowed less than initially thought in the first quarter, but softening business investment and moderate consumer spending are clouding expectations of a sharp acceleration in the second quarter.

Heavy rains and a cyclone led to an 8%, or 6-tonne drop in Australian gold production in the first quarter, a survey released on Sunday showed.

Hedge funds and other money managers increased their net long position in Comex gold for the first time in four weeks, in the week ended 23 May, US Commodity Futures Trading Commission (CFTC) data showed on Friday.

Gold demand in Asia tapered off this week as buyers took to the sidelines in India to await a new national tax policy and as China entered a seasonal slowdown. Reuters

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