Gold Prices Mark Highest Finish in 7 Weeks
NEW YROK (Dispatches) - Gold futures have scored their biggest daily gain since March, with prices settling at their highest in seven weeks, as benchmark U.S. bond yields pulled back and rising U.S. tensions with China and Russia boosted the metal’s haven appeal.
Gold also moved up after a series of good reports on the health of the U.S. economy, which provided some support for bullion given the threat of inflation.
The climb in U.S. tensions with China, as well as Russia, "may be encouraging some safe-haven buying” of the metal, said Michael Armbruster, managing partner at Altavest.
Tensions between the U.S. and China over Taiwan have climbed, and the Biden administration on Thursday expelled some Russian diplomats and announced sanctions against dozens of people and companies, partly in retaliation to Russia’s interference in last year’s presidential election.
"The U.S. is talking tough with China and Russia and this may be the first sign that markets are starting to price in a new risk,” Armbruster told MarketWatch.
Gold also moved up after a series of good reports on the health of the U.S. economy, which provided some support for bullion given the threat of inflation.
The climb in U.S. tensions with China, as well as Russia, "may be encouraging some safe-haven buying” of the metal, said Michael Armbruster, managing partner at Altavest.
Tensions between the U.S. and China over Taiwan have climbed, and the Biden administration on Thursday expelled some Russian diplomats and announced sanctions against dozens of people and companies, partly in retaliation to Russia’s interference in last year’s presidential election.
"The U.S. is talking tough with China and Russia and this may be the first sign that markets are starting to price in a new risk,” Armbruster told MarketWatch.