Gold price surges on Middle East, Russia tensions

ArticleCurrencyApril 12, 2018 - 7:37:23 AM

The price of gold shot to an 11-week high on Wednesday as escalating geopolitical risks saw investors seeking safe haven assets.

Gold reached its highest point since January 25 after the most active gold futures contract on the Comex market in New York jumped 2% from its opening levels to reach $1,369.40 an ounce.

Wednesday saw some of the most heavy trading of the year with the equivalent of more than 40m ounces of June contracts already traded by midday compared to a daily average of around 25m ounces. The price of gold is up $82 an ounce in 2018.

US President Donald Trump warned Russia that missiles "will be coming" in Syria after a suspected chemical attack and on Wednesday Saudi Arabia said its air defence forces intercepted a missile over the capital Riyadh...

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