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Gold Gains on Yemen Attacks, China Lunar New Year Buying


Monday, 20 January 2020 17:44 WIB

GOLDEMAS


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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


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