Gold trades near 3-week high after deadly Manchester terror attack
Investing.com
Published May 23, 2017 03:11AM ET
Gold trades near 3-week highs
Investing.com - Gold prices held near their strongest level in around three weeks in European trade on Tuesday, as investor sentiment skewed toward safe-haven assets after a suspected terrorist attack at a concert in Britain's city of Manchester.
Comex gold futures firmed at $1,261.43 a troy ounce by 3:10AM ET (07:10GMT). Meanwhile, spot gold was at $1,261.60. Prices of the yellow metal rose to an overnight peak of $1,263.80, just shy of a three-week high of $1,265.00.
Police said an explosion at the end of a concert by U.S. singer Ariana Grande in the English city of Manchester on Monday killed at least 19 people and injured more than 50.
Two U.S. officials said a suicide bomber was suspected, while Prime Minister Theresa May said the incident was being treated as a terrorist attack.
If confirmed, it would be the deadliest militant assault in Britain since four British Muslims killed 52 people in suicide bombings on London's transport system in July 2005.
Gold has been well-supported in recent sessions as political uncertainty surrounding the Trump administration pressured the dollar lower.
Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.
The dollar index, which tracks the greenback against a basket of six major rivals, was at 96.83 in London morning trade. It fell to a six-month low of 96.70 on Monday, having given up all the gains it had made following the election in November.
Also on the Comex, silver futures shed 7.1 cents, or about 0.4%, to $17.12 a troy ounce, after hitting its highest since May 1 at $17.21 a day earlier.
Elsewhere in metals trading, platinum slipped 0.2% to $948.60, while palladium gained 1% to $766.80 an ounce.
Copper futures lost 1.8 cents to $2.577 a pound.
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Written By: Investing.com
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