Gold prices hits 3-week high as concerns Iraq violence

Gold hits 3-week high on Iraq Events

Gold prices hit its highest level in nearly three weeks on Monday, as concerns Iraq violence and Ukraine supported its safe haven appeal with regard to higher risk assets such as equities.

Investors often turn to gold or other precious metals during times of financial or political problems, because they can be seen as an insurance against risk.

Spot gold was rose 0.3 percent to $ 1,280.00 an ounce by 1004 GMT, after hitting an all time high level since May 27 at $ 1284.85 earlier in the session.

U.S. Comex Exchange, gold for August delivery rose to a session high of $ 1,285.10 a troy ounce, the lowest since May 27, before paring profits of the last trade of $ 1283.20 during the European hours morning, to 0.71%, or $ 9.20.

Gold slipped up 0.01%, or 10 cents on Friday to close at $ 1274.10. Prices were likely to find support at $ 1,260.00, the low of June 12 and resistance at $ 1294.70, the high of May 27.

In the early morning trade, At the Multi Commodity Exchange, the metal for delivery in August gained Rs 239, or 0.90%, to trade higher at Rs 26,866 per 10 gm.

Gold also gained some support from the crude oil prices, with Brent trading just below a latest nine months hit on Friday fears of supply disruptions in the second largest OPEC producer Iraq.

Gold is generally viewed as a hedge against oil-led inflation.

The data from the Commodity Futures Trading Commission on Friday showed the trust of investors into gold was getting positive. The hedge funds and money managers stepped up their bullish bets in gold futures and options in the week ending June 10, its first increase in five weeks.

But the traders also cautioned that the policy meeting of the Federal Reserve this week could bring caution to any event in gold.

The Fed will hold a monetary policy meeting on Wednesday, with markets watch out for any signal that the U.S. central bank could begin raising interest rates.



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Posted in Commodity

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