Gold Slows Down After Big Gains

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Gold prices steadied after shooting up to a near six-year high on Friday, surpassing the key $1,400 level on dovish signals from major central banks and rising tensions in the Middle East.

was up 0.1% at $1,388.60 per ounce at 09:58 GMT, after earlier hitting its highest since September 2013 at $1,410.78.

U.S. dipped 0.3% to $1,392.1.

Gold for June 21, 2019.

Gold for June 21, 2019.

“The Iranian tensions provided the catalyst for gold to inch above $1,400, after threatening to break above that level since yesterday’s dovish Fed outcome,” said Howie Lee, an economist at OCBC Bank.

“There is a perfect mix of ingredients for gold’s rush to the top a weak macroeconomic environment, low bond yields, soft dollar and rising geopolitical tensions.”

Iranian officials told Reuters on Friday that Tehran had received a message from U.S. President Donald Trump through Oman overnight warning that a U.S. attack on Iran was imminent.

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Source: Investing.com Canada

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