Gold Rises as Political Tensions Ramp Up

By Ira Iosebashvili 

Gold prices shot to their highest level in nearly two months Wednesday, as investors sought the haven asset amid rising tensions between the U.S., Russia and Syria.

Gold for June delivery was recently up 1.5% at $1,365.80 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest level since mid-February.

President Donald Trump said early Wednesday that U.S. missiles "will be coming" to Syria, and warned he was willing to challenge Russia directly in launching a military strike against Syrian President Bashar al-Assad's forces over an alleged chemical-weapons attack. The comments benefited prices for gold, a popular destination for investors during times of political or economic uncertainty.

Political tensions also buoyed prices for palladium, a key Russian export. Palladium for June delivery was recently up 1.5% at $963.10 a troy ounce.

In base metals, aluminum for delivery in three months rose 2.2% to $2,250 a metric ton on the New York Mercantile Exchange. Russia is the world's second largest exporter of aluminum, after China.

Copper fell 0.3% to $3.1280 a pound.

Write to Ira Iosebashvili at [e-mail]

(END) Dow Jones Newswires

April 11, 2018 12:50 ET (16:50 GMT)

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