Gold Rises To Near 3-month High

By | October 15, 2018

Gold costs rose to a three-month high up on Monday, as the dollar damaged versus significant currencies and equities stayed slow in the middle of increasing issues about trade war.

Gold futures for December wound up $8.30, or 0.7%, at $1,230.30 an ounce. On Friday, gold futures settled at $1,222.00 an ounce, losing $5.60, or 0.5%.

Silver futures for December wound up $0.092, at $14.727 an ounce.

Copper futures for December settled at $2.7885, down $0.0120 from previous close.

Financiers were looking for the safe haven yellow metal in the middle of a growing fight in between the U.S. and Saudi Arabia over the disappearance of a popular Saudi journalist.

According to reports, U.S. President Donald Trump has cautioned of “severe penalty” if Saudi Arabia was behind the disappearance of its dissident reporter Jamal Khashoggi who was reportedly killed inside the Kingdom’s consulate in Istanbul. Riyadh said it would strike back if there were any sanctions by the U.S.

Jamal Khashoggi, a popular critic of Riyadh and a U.S. local, vanished early this month after going to the Saudi consulate in Istanbul.

In U.S. financial news, the Commerce Department stated retail sales inched up by 0.1% in September, matching the uptick seen in August. Financial experts had expected retail sales to climb by 0.5%. Leaving out a rebound in auto sales, retail sales edged down by 0.1% in September after increasing by a downwardly modified 0.2% in August.

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