Gold heads for biggest weekly gain since April

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Gold heads for biggest weekly gain since April

Johannesburg - Dh4,739 per ounce was the price of spot gold in London

By Reuters

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Published: Sat 12 Aug 2017, 9:50 AM

Last updated: Sat 12 Aug 2017, 12:00 PM

Gold rose to two-month highs on Friday as investors sought refuge from the uncertainty of escalating security tensions between North Korea and the United States.
Spot gold was up 0.1 per cent at $1,287.83 per ounce at 0955GMT, set for its biggest weekly gains since April. It earlier hit its highest since June 8 at $1,288.97 an ounce.
"There is a continuation of flight to the safe havens after remarks on Thursday evening from Trump about North Korea," said Quantitative Commodity Research consultant Peter Fertig.
"It's not very likely that these tensions will ease in the near future so the outlook seems supportive for gold."

Geopolitical risks can boost demand for assets considered safe-haven investments, such as gold.
US gold futures added 0.3 per cent to $1,293.
Meanwhile, gold demand in India remained sluggish this week as local prices jumped to their highest in nearly three months and a rally in global prices dampened buying elsewhere in Asia.
Silver added 0.3 per cent to $17.12 per ounce after hitting $17.24, its highest since June 14, in the previous session. It was on course for an over 5 per cent weekly rise, the highest such gain since July 2016. 

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