Gold firms above $1,210 as Yemen turmoil boosts precious metals

Gold firms above $1,210 as Yemen turmoil boosts precious metals

On the Comex, gold futures for April delivery touched an Intraday peak of $1,219.00 a troy ounce. Image Source:

Gold prices met with the highest level of his long run on Thursday, after Saudi Arabia launched air strikes in Yemen, boosting demand for a refuge. While the US dollar expanded its slide.

The shelling of the Shiite rebels in Yemen marks an escalation in regional tensions with Iran. Saudi Arabia could send ground troops to Yemen, Saudi state television, citing a person anonymous caller said.

On the Comex, gold futures for April delivery touched an Intraday peak of $1,219.00 a troy ounce. Gold for immediate delivery rose 1 percent to $1,207.84 an ounce by in London.

The demand for safe haven assets such was driven after Saudi Arabia and a coalition of allies in the Gulf region launched air raids on Yemen to counter Iranian-backed Houthi rebels besieging the southern city of Aden.

World oil prices soared over three dollars on the news. It is feared that an escalation of hostilities could trigger a conflict in the region and send oil prices skyrocketing.

Moreover, the dollar index, which measures the fortress greenback against a trade-weighted basket of six major currencies, was down 0.6% to 96.51 early Thursday. The index has fallen above 4% since hitting a 12-year high of 100.78 on March 13.

The Indian Rupee currency weakened on Thursday for a second session against the dollar after the local equity markets fell for the seventh straight day and the international oil rose to a maximum of two weeks.

The domestic currency closed at 62.67, down 0.53% from its previous close of 62.34. The local unit opens at 62.57 a dollar and touched a low of 62.73.

The dollar was pressurized as a recent slump in US economic data added to the uncertainty over the timing of a future increase in interest rates.

Data on Wednesday showed that orders for durable goods fell 1.4% last month, compared with expectations for a gain of 0.4%. Orders for core capital goods, a key barometer of business investment from the private sector fell 1.4%, the sixth consecutive monthly decline.

At the Multi Commodity Exchange, the metal for delivery in April contracts gained Rs 110, or 0.42%, to trade at Rs 26,593 per 10 grams.

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