Gold Prices Recovers As Geopolitical Concerns Mount

Gold Prices Recovers As Geopolitical Concerns Mount

After falling for two straight days amid a strong US dollar and hawkish comments from Fed officials, on Tuesday gold rallied as geopolitical concerns mounted after Turkey shoot down a Russian jet fighter.

Gold for December delivery on the Comex, New York jumped $10.10, or 0.95%, to trade at $1,076.90 a troy ounce.

Gold in Singapore, increased 0.3 per cent to $1,072.72 an ounce, while in London it was trading 0.49 per cent higher at $1,073.90 during U.S. morning hours.

Turkish fighter aircraft shot down a Russian fighter jet near the border with Syria after the inside Turkish airspace was violated on Tuesday a Turkish military official said.

However, the Russian Defense Ministry said the downed fighter aircraft did not infringe inside Turkish airspace.

Turkey stab Russia by shooting down Russian fighter plane and acted as accomplices of terrorists, Russian President Vladimir Putin said.

Investors often buy gold and silver as a hedge against economic and political uncertainty and as a hedge against inflation.

In the meantime, the DOC said the US economy grew by 2.1% in the third quarter, in line with expectations. The preliminary figures initially linked US growth at 1.5% in the third quarter.

The data showed that consumer spending have increased 3.0%, below expectations of 3.2% and below an initial estimate of 3.2%. Consumer spending normally accounts for almost 70% of economic growth in the United States.

Most Fed officials believing that there is strong to start raising interest rates at the meeting of Central Bank December 15 to 16, as long as the economic data does not disappoint in the coming weeks case.

After falling for 2 straight days, gold prices recovered by Rs 90 to Rs 25,740 per 10 grams at the Delhi bullion market.

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