Gold hits 5-month peak, tensions drive flight to safety

13/04/2017 05:31 AST

Gold climbed to a 5-month high on Wednesday after gaining nearly 2 per cent the session before, with investors shifting to safe-haven assets on rising tensions over US relations with Russia and North Korea.

Spot gold had edged up 0.1 per cent to $1,274.91 per ounce by 0311 GMT, after earlier hitting its strongest since November 10 at 1,279.80.

US gold futures rose 0.2 per cent to $1,277.20. “Recently a degree of uncertainty has found its way into previously seemingly bulletproof financial markets,” ANZ analysts wrote in a note.

Gold on Tuesday closed above the 200-day moving average for the first time this year after struggling to do so over the past few weeks.

“Gold has finally broken and closed above its 200-day moving average at $1,257.50, which now becomes a support. From a technical perspective, the way is now clear for a run at $1,300 and possibly higher,” said Jeffrey Halley, market analyst at OANDA.


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