Gold climbs to 5-month highs

7 April, 2017

Gold climbs to 5-month highs

Gold prices climbed to five-month highs on Friday, as news of U.S. airstrikes against Syria boosted demand for safe-haven assets.On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.89% at a five-month high of $1,264.55.The June contract ended Thursday’s session 0.38% higher at $1,253.30 an ounce.Futures were likely to find support at $1,254.40, Wednesday’s low and resistance at $1,318,60.The precious metal strengthened after the U.S. launched cruise missiles at an airbase in Syria, sparking concerns of an escalation in the Syrian civil war.U.S. President Donald Trump said on Thursday he ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched.The air strike came during a two-day summit between Trump and Chinese President Xi Jinping which, on Thursday, had a strong focus on trade and North Korea's military program.Trump had warned that he would be ready to act unilaterally to address North Korea's nuclear program if China does not step up to help in the matter.Market participants were also looking ahead to the U.S. nonfarm payrolls report, due later Friday, a day after the release of upbeat jobless claims data.Elsewhere in metals trading, silver futures for May delivery jumped 1% to $18.428 a troy ounce, while copper futures for May delivery declined 0.53% to $2.645 a pound.


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