Gold Edges Higher Amid Likely Safe-Haven Demand
2350 GMT — Gold edges higher in early Asian trade amid likely safe-haven demand spurred by ongoing geopolitical tensions. Israel and Iran ramped up their aerial attacks early Sunday, while President Trump has suggested that 'it's possible' the U.S. could get involved in the conflict. Gold has been rallying on safe haven flows, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. 'There is little doubt about the gold outlook which remains positive,' amid factors including increased geopolitical risks in the Middle East, Razaqzada adds. Spot gold is 0.3% higher at $3,444.61/oz. (ronnie.harui@wsj.com)
2231 GMT — The spot gold price ended last week at a record closing high and will look to build on this in the Asian trading day, says Chris Weston, head of research at Pepperstone. It could test the all-time-high of $3,500.10 per troy ounce, he says. Traders have cut back on profitable longs in silver, platinum and palladium, potentially to raise cash in their portfolios or even flipping the exposure into gold, he adds. (james.glynn@wsj.com; @JamesGlynnWSJ)
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