Gold prices climb to 1-week high – 24 Jun 2017

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Gold prices took a vertical climb on Friday’s trade boosted by a weaker dollar and economic and political unpredictability around the world.

Spot gold was up 0.43% at USD 1,255.60 an ounce after earlier touching USD 1,258.00, its highest since June 14.

US gold futures were up USD 7.00, closing at USD 1,256.40, after briefly crossing its 50-day moving average for the first time since June 15.

Allegations on US President Donald Trump regarding ties with Russia, North Korea testing a rocket engine and Brexit negotiations are fuelling concerns about global stability.

New York’s SPDR Gold Trust has slipped to 27.456 million ounces from 27.875 million ounces on June 13.

Meanwhile, silver gained 0.93% to USD 16.68 an ounce, platinum soared 0.78% to USD 928.45 an ounce and palladium dipped 2.83% to USD 858.99.

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