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Wednesday, July 6, 2022

Gold Prices Rally to 3-Month High in Risk-off Trade

Gold Prices Rally to 3-Month High in Risk-off Trade© Reuters. Gold jumps to 3-month high.

Investing.com – Gold prices rallied to a three-month high on Tuesday, as a slew of geopolitical and economic concerns soured sentiment, prompting investors to flock to safe-haven assets.

Comex were up $19.50, or about 1.6%, at $1,240.80 a troy ounce by 8:40 AM ET (1240 GMT), the highest level since July 17.

Meanwhile, was trading at $1,238.04 per ounce, up $15.90, or roughly 1.3%.

Pessimism gripped investors amid renewed concerns over a host of economic and geopolitical issues, including U.S. President Donald Trump’s threats to pull out of the US-Russia nuclear arms agreement, U.S. midterm elections and the fallout from the murder of Saudi critic Jamal Khashoggi.

Concerns over the U.S.-China trade war, the dispute over Italy’s budget and a lack of progress in Brexit negotiations also soured market sentiment.

The yellow metal is often sought in times of geopolitical tension or market turbulence.

In other metals action, were 15.4 cents higher, or around 1%, at $14.81 a troy ounce.

gained 1.2% at $832.30, while surged 2.1% to a of $1,130.40.

December fell 2.8 cents, or 1%, to $2.746 a pound.

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Source: Investing.com

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