Gold prices advanced Thursday as demand for the metal rose on expectations for an interest-rate cut by the Federal Reserve this summer.
Nagging trade tensions between the world’s top two economies and intensifying Middle East unease also lured investors into the haven asset, analysts said. U.S. stocks were called higher on Thursday after back-to-back losses and oil prices surged after two oil tankers were reportedly attacked in the Gulf of Oman, leaving one with a damaged hull and the other on fire and adrift.
Against this backdrop, gold for August delivery on Comex rose $2.80, or 0.2%, to $1,339.70 an ounce. Futures prices, which are on their way to an 11th gain out of 12 sessions, are up roughly 2% month to date. The SPDR Gold Shares exchange-traded fund was trading up 0.2% Thursday.
In other metals trade, July silver which serves as both a haven asset and has industrial purpose, gained 3 cents, or 0.2%, to $14.79 an ounce. July copper eased 1 cent, or 0.5%, to $2.64 a pound.
Source : MarketWatch