Safe-Haven Gold Gains Ground
Spot gold gained 1% to $4,532.72 per ounce. Prices hit their lowest in more than seven weeks earlier in the session. U.S. gold futures for June delivery rose 0.5% higher to $4,535.30.
“Any type of resolution to the war or opening of the Strait of Hormuz would be a positive for the gold market in so much as the expectation would be that interest rates would decline, and hence that would be opportunistic or helpful to the gold market,” said David Meger, director of metals trading at High Ridge Futures.
Citi said it was staying cautious near-term on gold with a zero to three-month point-price target of $4,300/oz.
Source – CNBC
