Gold Futures Looking good for investors As Tensions of War Continue To Grow
Gold futures are looking good for investors as gold sees it’s the strongest week since last June. As tensions of war continue to grow between the U.S., North Korea, and the Middle East, investors are stocking up as the dollar continues to decline.
Spot gold ended last week at $1,286.50 an ounce. Tuesday, Gold was the highest it’s ever been since last November, peaking at $1,288.64 an ounce.
As relationships between the U.S., Russia, and North Korea continue to go down the hill, gold continues to rise. The dollar being weak right now is also helping with the rising gold prices. It’s on a 3-week losing streak.
A trader at the Shanghai-based bullion bank told reporters that with Trump dropping bombs in the middle-east and North Korea talking about war, it’s hard to see what direction gold is going.
Last week, Trump dropped 59 Tomahawk missiles in Syria. He also dropped the biggest non-nuclear bomb in an area believed to be occupied by ISIS. Investors believe that if war does break out, then we will see gold hit the $1,300 mark.
However, gold wasn’t the only precious metal seeing good numbers this week. Silver also saw gains as it went up 0.1% making it $18.52 an ounce. Although it’s up, silver was even higher during it’s the previous session at $18.59 and ounce.
Platinum is up 0.2% this week at $971.15 an ounce. Also seeing gains is palladium, which went up 0.1% this week at $795.08 and ounce. Hopefully gold and these other precious metals can keep up the momentum as the year goes on, but as of now, only time will tell.