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Gold price up with political uncertainty following Barcelona attacks

Las Ramblas

Gold has finished the week up. This morning spot gold was up to $1,293.48, having jumped overnight towards the $1,300 mark following the terror attacks in Spain. Gold for December delivery was at $1,292.60 per ounce. This week’s wavering data on the US economic outlook and Federal Reserve caution over addressing the deficit and raising US interest rates have seen markets price in a favourable outlook on safe haven assets such as gold. This has been significantly compounded by ongoing security concerns over North Korea’s threat to Guam and yesterday’s horrific events in Barcelona, which saw a van driven down the busy Las Ramblas, killing 13 and injuring scores.

The yellow metal now seems poised to move even higher according to some analysts. Jeb Handwerger, of GoldStockTrades.com, told MarketWatch he saw “a move to test decade highs made in 2011 at $1,900,” if gold was able to break $1,300.

Colin Cieszynski, chief market strategist at CMC told the same site that although events such as the murders in Barcelona “have had a small impact on gold, [it is] not much overall. While attacks like this are tragic and have significant political and cultural ramifications, their impact on the economy tends to be short-lived.”

Rather, if gold is set to break $1,300 it may be curtesy of internal strife at the White House as Donald Trump remains mired in ongoing controversy and ongoing questions about his ability to execute policy. Cieszynski compared the president to “a golden swan to precious metal and commodity investors who love uncertainty and volatility”.

The winners of last week’s World Gold Panning Championships in Moffat, Scotland, have been announced. Ragnar Paul of  Germany won the Men’s Individual title, finding all 12 flakes of gold in 2 minutes and 9 seconds. Cecile Thibaud of France, took the Women’s Individual title, finding all ten flakes of gold in 2 minutes and 49 seconds. In the team event the winners were Italy, who, despite incurring a three minute penalty for losing a piece of gold, managed to secure 19, of 20 flakes in a time of 11 minutes and 15 seconds.

Photo: Barcelona’s Las Ramblas that saw a terror attack by Daesh yesterday. Credit: Nikos Roussos

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-up-with-political-uncertainty-following-barcelona-attacks-13355/

Posted by on Aug 18 2017. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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