Gold futures prices were trading near their highest level in 5-months on Wednesday, , extending its nearly 2% gains from the previous session as concerns about geopolitical tensions supported the safe demand for the precious metal.
Gold for June delivery was at $1,275.65 on the Comex after going as high as $1,281.75 earlier, the most since Nov 9.
Spot gold in the physical market was trading at Rs 29,330 per 10 gm, up by 1.45% compared with Tuesday’s closing.
Investors remained cautious because concerns about the US military action against Syria and North Korea, as well as concerns about the French presidential election, focused on the demand for assets that are considered less serious.
Chinese President Xi Jinping on Wednesday called for a peaceful solution to the escalating tensions on the Korean Peninsula during a meeting with US President Donald Trump.
Tensions continued amid fears North Korea would soon conduct new nuclear tests or launch rockets.
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