|Published : 17 Apr 2017, 13:14:06|
Gold rises on rising geopolitical tensions
Gold hit a five-month high on Monday as the dollar weakened with investors taking refuge in safe-haven assets in the wake of rising geopolitical tensions over North Korea.
Spot gold was up 0.5 per cent at $1,291 per ounce as of 0239 GMT, after hitting its highest since early November at $1,295.42.
Last week, the metal rose 2.5 per cent in its biggest weekly gain since June last year.
US gold futures were up 0.4 per cent at $1,293.30 on Monday.
The dollar dipped to a five-month low against the yen early on Monday.
The bullish sentiment in gold was underscored by data showing speculators increased their net long positions for a fourth straight week to April 11.
New York-listed SPDR Gold Shares ETF, the world's biggest gold-backed exchange-traded fund, said its holdings rose more than six tonnes on Thursday, the biggest one-day inflow in a month.
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 0.4 per cent at $18.59 after touching a five-month high of $18.649.
Platinum rose 0.5 per cent to $975.80, while palladium dropped 0.2 per cent to $793.40.