Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about U.S.-China trade talks.
Spot gold gained 0.1% to $1,506.78 per ounce as of 0724 GMT, having notched a peak of $1,516.77 early in the session, its highest since Oct. 3. U.S. gold futures dropped 0.1% to $1,511.80.
“Gold is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the U.S.-China trade talks fail once again, gold prices could rally,” said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers.
Source : Reuters