Gold Edges up on Geopolitical Tension, Takes Yellen in Stride

Gold Edges up on Geopolitical Tension, Takes Yellen in Stride

Gold futures prices gained on Tuesday as rising political tension over North Korea and Syria supported demand for the yellow metal.

On the Comex division of the New York gold for June delivery gained 0.39% to $1.258.85 a troy ounce.

Globally, gold rose by 0.25 per cent to USD 1,257.50 an ounce and silver by 0.08 per cent to USD 17.94 an ounce in Singapore.

Rex Tilerson, Secretary of US State is currently in the meeting of foreign ministers of the Group of Seven in Italy, where political leaders are working to produce a coherent message on Syria.

The United States was working to rally international support for its revised position on Syria before the first diplomatic visit of the US Secretary of State to Moscow.

However, the Kremlin said on Monday that Tillerson and Russian President Vladimir Putin will not back burner in what could be a sign of increasing tensions.

It also focused on Asian markets on Tuesday as North Korea of “catastrophic consequences” warned in response to any further provocations by the United States after days of sending a US naval battle group to waters off the Korean peninsula.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 60 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. It had shed Rs 10 yesterday.

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