Breaking News
0

Gold Prices Hover at 2-Week Highs as Market Sentiment Wanes

CommoditiesOct 10, 2017 08:37AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold remains supported on weaker dollar, geopolitical tensions

Investing.com - Gold prices were hovering at two-week highs on Tuesday, as a number of geopolitical concerns boosted demand for safe-haven assets, although expectations for an upcoming U.S. rate hike still lent some support to the dollar.

Comex gold futures were up $6.71, or about 0.52%, at $1,291.73 a troy ounce by 08:35 a.m. ET (12:35 GMT), the highest since September 27.

Investors remained cautious following reports last week that North Korea was preparing a long-range missile test.

There were concerns that Pyongyang could mark Tuesday, when it celebrates the founding of its ruling party, with some sort of provocation.

Meanwhile, diplomatic tensions between the U.S. and Turkey persisted following the suspension of visa services between the two countries, while Iran vowed a "crushing" response should Washington deem the Revolutionary Guards a terrorist group.

In Spain, the ruling Spanish Partido Popular warned Catalan leader Carles Puigdemont on Monday that he could be thrown in jail if he followed through with a planned declaration of independence on Tuesday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.40% at 93.18, pulling away from Friday's 10-week highs of 94.10.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

The greenback had strengthened after Friday's upbeat wage inflation data bolstered expectations that the Fed will hike interest rates in December.

Elsewhere on the Comex, silver futures rallied 1.50% to $17.19 a troy ounce.

Gold Prices Hover at 2-Week Highs as Market Sentiment Wanes
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email