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Gold hits over 2-month high on safe haven buying

16-Oct-2018

COMEX gold trades steady near $1230/oz Tuesday after hitting a high of $1236.9/oz in previous session, which was the highest level since July end.

Gold hit over 2-month high on safe haven buying amid geopolitical tensions and increased uncertainty about global economy.

Geopolitical tensions rose as Saudi Arabia warned that it would retaliate against possible economic sanctions taken by other states over the disappearance of a prominent government critic, Jamal Khashoggi.

President Donald Trump said he's uncertain whether his administration will participate in a Saudi investment conference in the wake of the disappearance of journalist. Executives including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Uber Technologies Inc.'s Dara Khosrowshahi have dropped out of the conference

US-Turkey tensions remain high as US President Donald Trump denied the possibility of relaxing sanctions against Turkey over the release of US pastor Andrew Brunson.

US DJIA index fell 0.4% Monday marking its fourth decline in last five trading sessions. Weighing on market sentiment are concerns about trade war, higher interest rate, slowdown in emerging markets, Brexit uncertainty and Italy budget crisis

ETF inflows also show buying interest. Gold holdings with SPDR ETF stand at 748.759 tonnes, highest since August 2018.

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