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  1. Gold hits 1-week high on geopolitical worries, weaker dollar

Gold hits 1-week high on geopolitical worries, weaker dollar

Gold prices hit one-week highs on Tuesday, buoyed by a weaker dollar and as investors turned to safe-haven assets on worries over geopolitical tensions.

By: | Published: April 4, 2017 7:20 AM
Spot gold had risen 0.3 percent to ,255.96 per ounce by 0058 GMT, while U.S. gold futures were up 0.4 percent at ,258.40. (Reuters

Gold prices hit one-week highs on Tuesday, buoyed by a weaker dollar and as investors turned to safe-haven assets on worries over geopolitical tensions.

FUNDAMENTALS

* Spot gold had risen 0.3 percent to $1,255.96 per ounce by 0058 GMT, while U.S. gold futures were up 0.4 percent at $1,258.40.

* Investor appetite for risk has been dulled this week by a number of factors, such as caution ahead of the upcoming meeting between U.S. President Donald trump and Chinese President Xi Jinping and a suspected suicide bombing in St. Petersburg, Russia.

* A measure of U.S. manufacturing activity retreated from a 2-1/2 year high in March amid a decline in production and an inventory drawdown, but a surge in factory jobs indicated that the sector’s energy-led recovery was gaining momentum.

* Factories across Europe and much of Asia posted another month of solid growth in March, rounding off a strong quarter for manufacturers, even though exporters fear a rise in U.S. protectionism could snuff out a global trade recovery.

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* From bank runs to credit crunches, regulators and investors are asking French banks about their preparations for any market ructions that might be caused by Marine Le Pen faring better than expected in the presidential election, banking sources said.

* Global debt rose to 325 percent of the world’s gross domestic product in 2016, totalling $215 trillion, an Institute for International Finance report released on Monday showed, boosted by the rapid growth of issuance in emerging markets.

* Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, climbed 0.53 percent to 836.77 tonnes on Monday from 832.32 tonnes on Friday.

* South Africa’s Harmony Gold said on Monday a labour court had declared the ongoing wildcat strike at its Kusasalethu mine “unprotected” and required employees, who downed tools two-weeks ago, to return to work.

* German precious metals group Heraeus said on Monday it had taken full control of Swiss gold and silver processor Argor-Heraeus.

* West Africa-focused Avocet Mining Plc named Boudewijn Wentink as its new chief executive officer with immediate effect, as it seeks to refinance and restructure the company.

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