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Gold rises to 3-week high with Iraq violence in focus

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Investing.com -

Investing.com - Gold prices rose to a three-week high on Monday, as concerns over escalating violence in Iraq boosted demand for safe-haven assets.

On the Comex division of the New York Mercantile Exchange, gold for August delivery climbed to a session high of $1,285.10 a troy ounce, the most since May 27, before trimming gains to last trade at $1,283.20 during European morning hours, up 0.71%, or $9.20.

Gold eased up 0.01%, or 10 cents, on Friday to settle at $1,274.10. Prices were likely to find support at $1,260.00, the low from June 12 and resistance at $1,294.70, the high from May 27.

Markets continued to monitor events in Iraq as militants linked to al-Qaeda threatened to take Baghdad after capturing key cities elsewhere in the country over the weekend.

Gold is often considered a haven during times of geopolitical turmoil.

Investors were also cautious ahead of the outcome of the upcoming Federal Reserve policy meeting on Wednesday, as they await fresh indications on the timing of possible interest rates increases.

The U.S. is to produce data on industrial production and manufacturing activity in the Empire State later in the day.

Also on the Comex, silver for July delivery inched up 0.57%, or 11.2 cents, to trade at $19.76 a troy ounce.

Elsewhere in metals trading, copper for July delivery tacked on 0.55%, or 1.7 cents, to trade at $3.046 a pound.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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