Gold prices held most of yesterday’s 1.0% jump against the Dollar and touched new 3-week highs for Euro investors on Tuesday, trading higher as crude oil rose and Saudi Arabia accused Iran of “direct military aggression” tantamount to a declaration of war.
Wall Street’s S&P500 index of US stocks ended Monday with its 11th new record closing high in a month.
Crypto-currency Bitcoin today rallied to regain half of Monday’s 6% drop, trading back above $7000 after hitting 5 new daily all-time highs in succession last week.
Listen to Tom McClellan on Stocks and Real Estate; Keith Barron on Peak Gold
Crude oil spiked Tuesday to new 2.5-year highs, while Arabian stock markets fell hard – down over 3% – as news broke of further detentions and sanctions against senior Saudi figures by new crown prince Mohammed Bin Salman.
“We expected to some interest in gold following the close above $1280,” says one Asian trading desk in a gold price note, “[but] Chinese selling appears to be capping the market.”
“Stocks are at record highs, so you don’t need gold,” says George Gero at the wealth management division of Canada’s RBC.
This post was published at FinancialSense on 11/07/2017.
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