Gold prices rose to their highest in more than a week on Monday, after a missile attack in Yemen over the weekend fanned geopolitical concerns and boosted the metal’s safe-haven appeal, while buying ahead of the Chinese New Year also lent support.
Spot gold was up 0.3% at $1,560.89 per ounce by 0726 GMT, after touching its highest since Jan. 10 at $1,562.51 earlier in the session. U.S. gold futures were flat at $1,560.50.
“Chinese New Year is in front of us and some buying has emerged because of that,” Ajay Kedia, director at Kedia Advisory in Mumbai, said.
Iran-aligned Houthis attacked a military training camp in the Yemeni city of Marib on Saturday, killing dozens of people.
Gold is considered a safe investment in times of political and economic uncertainty.
Source : Reuters