Spot gold was down 0.1 per cent at $1,574.69 per ounce as of 0427 GMT, having touched its highest since Feb. 4 at $1,577.89 earlier in the session.
The yen and other safe-haven currencies were in demand on Monday, along with assets such as gold, as investors fretted that the killing of Iran’s most prominent military commander by the United States could trigger a broader Middle East conflict.
As we are now officially kicking off a holiday week, actually two with New Years coming up, gold is trying to break above an important threshold. Not an ideal time for this to happen, but if it comes with some push then perhaps as the calendar flips to 2020 it will gain meaning.
We prefer to take short position on USD/CNY only below 6.8976, stop loss 6.92 and target of 6.8525.
It made intraday high at 6.9087 and low at 6.8976 levels.
Spot gold was up 0.7% at $1,314.20 per ounce at 1012 GMT, after touching its highest since March 27 at $1,315.59. “Safe-haven buyers are coming back to gold again, due to tariff-talks, which is encouraging for the metal,” said Ross Norman, chief executive at Sharps Pixley.