Gold rises, tries to regain grip on $1,300 level

MarketWatch/Mark DeCambre/10-12-17

Gold futures rose Thursday, pushing the yellow metal toward $1,300 as investors read minutes from the Federal Reserve’s September policy meetings as slightly dovish, offering a lift to the commodity.

…Mark O’Byrne, research director at GoldCore Ltd, said recent gains can also be attributed to expected seasonally stronger demand for gold by India heading into the Diwali holiday, or Deepavali, as well as geopolitical tensions tied to North Korea, the Middle East and U.S. President Donald Trump. Tensions between Iraq and Kurds in the region have escalated after a Kurdish independence referendum, while Trump’s belligerent rhetoric with North Korean leader Kim Jong Un has had investors on edge.

“Against this global macro backdrop, I do think that we possible we will push $1,400 [an ounce], and then close above $1,300 by year-end,” he said.

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