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Gold climbs towards 6-year high on tensions between the US and Iran, deaf central banks



The gold price is accelerated Monday and hovering close to a six-year-high affected in the previous session, as sharp signals from the major central banks and increased tensions between the United States and Iran increased the demand for safe harbor metal.

Spot gold was up 0.4% to $ 1.403.88 per ounce from 0701 GMT, heading for a fifth straight session of winnings. Gold prices hit $ 1,410.78 on Friday, their highest since September 4, 2013.

US. Gold futures rose 0.5% to $ 1.407.10 an ounce.

US. President Donald Trump said on Sunday that he did not seek war with Tehran, but the tensions remain high between the protracted enemies with Washington because they announced "substantial" sanctions against Iran on Monday.

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"We are only seeing a continued improvement in the mood built around the clever tone of the central banks, but it is clear that acquisitions in the safe haven have also picked up. with the tensions in the US and Iran escalating over the weekend, "says ANZ analyst Daniel Hynes. [1

9659002] "Gold surpassed some relatively good levels of support, so (I) feel that prices will largely exceed the $ 1400 level. At some point, we can see a backlash as investors launch profits."

US Federal Reserve Bank and the European Central Bank last week said they were open to easing policies to counter global economic downturn, aggravated by global trade tensions.

Helpful prosecutors, the dollar indicator fell to a three-month low against a basket of currencies on bets, the US central bank would start lowering interest rates already next month.

"We remain cautiously optimistic for gold as a weaker dollar will give it precious metal with a robust backwind for now," says INTL FCStone analyst Edward Meir in a note.

Market focus now focuses on whether Washington and Beijing can resolve their trade dispute at a Japan Summit this week by leaders of the 20 leading world economies.

Chinese President Xi Jinping attends the G20 summit in Japan this week, announced the state-run Xinhua news agency on Sunday, which gave the first of official confirmation of his presence at a gathering where he is expected to meet Trump.

Stocks of the world's largest gold-based listed fund, the SPDR Gold Trust, rose 4.57% on Friday from a day earlier, in their largest-day percentage gain since September 2008.

"Strong stock market performance has prevented gold Rally earlier, these issues of economic growth and lower interest rates have combed the stock market rally, seen by investors turning back to gold-backed ETFs, says ANZ analyst Hynes.

Among other precious metals silver edged 0.1 % higher to $ 15.37 per ounce and platinum rose 0.9% to $ 812.63.

Palladium increased 1.1% to $ 1.516.70 one ounce.

Reporting Brijesh Patel in Bengaluru; Editing of Subhranshu Sahu and Rashmi Aich


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