Gold his highest level in 4 months on safe-haven appeal as Middle East crises deepen


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Gold his highest level in 4 months on safe-haven appeal as Middle East crises deepen

US Spot Gold prices climbed to their highest level in four months on Friday, the 3rd of January 2020, breaking through a critical psychological resistance level of $1,550 an ounce after a US air strike on Baghdad International Airport authorized by the US President Donald Trump had killed a top Iranian Military Commander, ramping up a wave of safe-have purchases such as Spot gold alongside an American Dollar greenback.

In point of fact, the precious metal futures’ prices rose 1.2 per cent to $1,546.68 an ounce on late trading session after opening the day in an upbeat tone that witnessed a rise of nearly 1.6 per cent of the Gold futures’ prices to $1,153.20 an ounce, its highest level since September 5th, 2019, however, gold futures’ prices had wrapped up the day 1.5 per cent higher at $1,552.40 an ounce.

Meanwhile, addressing to the impacts of the death of Qassem Soleimani, the Commander of the Iranian Revolutionary Guards Crops, widely considered as Tehran’s second-in-charge, coupled with an intransigent vow of Iranian Supreme Leader Ayatollah al Khamenei to retaliate, an analyst at Philip Futures, Benjamin Lu said on Friday’s (January 3rd) market wrap-up, “The news coming from the Middle East coupled with some buying driven by technical factors and the weakening dollar is supporting gold prices today. ”