Gold held near the highest level in more than six years as investors tracked developments in the Middle East, with the U.S. committing more troops to the region amid its standoff with Iran, which has pledged to hit back against Washington for the killing of a senior Iranian general.
Prices rallied 2.4% over the past two days, approaching $1,600 an ounce, driven by an upswing in haven demand, with Goldman Sachs Group Inc. saying gold was a better hedge in the crisis than oil. Still, Asian equities rebounded on Tuesday after the S&P 500 Index rose for the third time in four sessions.
Spot gold was 0.1% lower at $1,564.45 an ounce at 9:24 a.m. in Singapore after rallying to $1,588.13 on Monday, the highest level since 2013. Silver fell, while palladium was at steady $2,031.08 an ounce after reaching a record $2,032.98 on the week’s opening day.
Source : Bloomberg