(Bloomberg) — Gold and silver rose, with a US military buildup in the Middle East keeping markets on edge and prompting some traders to buy haven assets.
Bullion jumped above $5,200 an ounce, capping a monthly gain. Washington and Tehran will continue negotiations next week after making “significant progress” on Thursday, according to mediator Oman. However, a person familiar with the US position said officials left the talks disappointed with the progress.
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Iran is conducting regular and unexplained activity at bombed uranium-enrichment sites, United Nations atomic inspectors said, potentially complicating talks with the US over Tehran’s nuclear ambitions.
The US and Iran have been locked in a tense standoff over the Islamic Republic’s atomic activities, trading threats while President Donald Trump has ordered the biggest US military build-up in the Middle East since 2003. That has supported bullion’s advance in recent days.
Gold has gained more than 20% so far this year, finding a footing back above $5,000 an ounce after an abrupt pullback from a record high in late January. Bullion registered its seventh straight monthly gain, the longest streak since 1973. Ongoing geopolitical and trade tensions, as well as the so-called dollar debasement trade and concerns about the Federal Reserve’s independence, have added impetus to a multiyear rally.
As the market has stabilized, investors have also been adding to their holdings in gold-backed exchange-traded funds. Inflows this week through Thursday more than offset selloffs seen earlier this month.
Gold largely shrugged off a report Friday that showed prices paid to US producers rose by more than forecast. The producer price index increased 0.5%, while an underlying gauge that excludes food and energy advanced by the most since July. Strong economic data boosts the case for the Fed to hold off from rapid rate cuts.
Spot gold rose 1.5% to $5,263.39 an ounce as of 3:52 p.m. in New York. Silver rose 6.2% to $93.80. Platinum and palladium both advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was down less than 0.1%.
–With assistance from Preeti Soni and Yvonne Yue Li.
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Source: finance.yahoo.com
