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Gold, silver futures settle higher

13 April, 2017, 01:28 | Author: Paula Vaughn
  • Gold steady, finds support from geopolitical worries

Heightened tensions in the Korean peninsula, and the Middle East following USA strikes on Syria, along with the upcoming French presidential election, have left investors nervous.

Spot gold was up 1.53 per cent at US$1,273.44 per ounce by 3:10pm EDT (1910 GMT), after hitting a fresh high since Nov 10 at the session high of US$1,275.16.

The metal rose above $1,270 on Friday for the first time since early November following much weaker than expected United States jobs data, and after the USlaunched a missile strike on a Syrian air base. The euro also came under pressure from worries over the tightening race for the French presidency.The wider financial markets took on a more cautious tone on Monday, with trading volumes muted by political tensions in the Middle East and the Korean peninsula.

"Geopolitical events (this time concerning North Korea) have seen gold break through US$1,260", Metals Focus said in a note.

Among other precious metals, silver was down 0.3 percent at $17.90 an ounce, having hit its highest since February 27 at $18.47 on Friday.

It fell back quickly in later trade, however, failing once again to beat key chart resistance at its 200-day moving average, which has broadly capped gains since October.

Stateside, remarks Monday from Federal Reserve (Fed) chair Janet Yellen provided little effect on the precious metal as she repeated her outlook that the central bank would raise USA interest rates gradually with an aim to sustaining full employment and near-2% inflation without letting the economy overheat.

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In currencies, the Canadian dollar held steady at 75.01 cents U.S., a day before the Bank of Canada is set to make its latest interest rate announcement. "From a technical perspective, the way is now clear for a run at $1,300 and possibly higher", Halley said.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), rose 0.50 per cent to 842.41 tonnes on Tuesday.

The LBMA silver price benchmark auction was paused for 17 minutes on Monday after a circuit breaker was triggered when the auction price moved outside of the spot range, the CME said in a statement.

However, looking ahead, the prospects for gold and silver demand appear challenging, analysts said.

"There is certainly more geopolitical risks at the moment and that is more positive (for) gold than platinum and there is no surprise in that sense to see the spread widen. There is generally a downbeat (sentiment) about diesel cars in Europe", a London-based market analyst with a mining company said.

Platinum is used as a leading catalyst in diesel-powered vehicles, which is going out of favour in Europe. Platinum was 1.4 percent lower at $938.20, while palladium was down 1.5 percent at $789.50.


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