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Gold Prices Ease After Touching Near 6-Year High

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In the international market, gold prices settled after spiking to a near six year high and crossing the $1,400 level, amid tensions between the US and Iran and, dovish policy signals from major central banks.

Spot gold rose by 0.1 percent at $1,388.60 an ounce in evening trade. In an earlier session it hit $1,410.78, its highest level since September 2013.

Gold Prices Ease After Touching Near 6-Year High
 

Previously this week, the yellow metal's prices rose after the US Federal Reserve joined global peers such as the European Central Bank and the Bank of Japan with plans to cut interest rates to support its flagging economic growth. This reduces the appeal for American government bonds among traders.

To add to the weak macroeconomic environment and low bond yields, geopolitical tensions cause the investors to seek refuge in the bullion.

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

Gold prices in India also saw a similar surge with spot gold prices rising by 2.5 percent in the morning to touch a high of Rs 33,920 per 10 grams. An Economic Times report suggests that a sell off was seen in the Indian market following the increase as people started to book profits by liquidating the metal.

Read more about: gold
Story first published: Friday, June 21, 2019, 17:43 [IST]
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