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Gold in demand, up .1%

ByVictoria

Gold prices touched a three-week high on Monday, supported by demand for safe-haven bullion after U.S. President Donald Trump threatened to impose a 30% tariff on imports from the European Union and Mexico.

Spot gold was up 0.1% at $3,359.69 per ounce, as of 0637 GMT, after hitting its highest point since June 23 earlier in the session. U.S. gold futures rose 0.3% to $3,373.30.

“We are seeing safe-haven demand coming back into the picture due to this uncertainty on the implementation of U.S. global trade tariffs policy,” OANDA senior market analyst Kelvin Wong said.

“Near-term outlook looks positive for gold and if gold prices are able to have a daily close above $3,360, it could potentially advance higher towards the next resistance level at $3,435.”

Spot silver gained 1.5% to $38.93 per ounce, platinum fell 1% to $1,384.81 and palladium fell 0.7% to $1,208.15.

Source – Reuters

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