Gold shines on geopolitical uncertainties

johannesburg — Gold was on track for a second consecutive weekly gain on Friday as political uncertainty in the United States and a suspected militant attack in Spain boosted bullion’s safe-haven appeal.

Spain mounted a sweeping antiterrorism operation on Friday after a militant drove a van into crowds in Barcelona, killing 13 people in what police suspect was one of a planned wave of attacks.

Spot gold was up 0.6 per cent at $1,295.27 an ounce by 1130GMT, on course to extend last week’s gain of 2.5 per cent. US gold futures for December delivery were up 0.7 per cent at $1,301.

Investors ditched riskier assets while the dollar eased, further supporting gold.

“The discord coming out of Washington could prove supportive for gold as well, as this could pressure the dollar further, just as the Fed is casting fresh doubts about its (interest) rate timetable,” said INTL FCStone analyst Edward Meir.

Among other precious metals, silver climbed 1 per cent to $17.17 an ounce, having touched a two-month high of $17.25. Platinum was up 1.2 per cent at $974.80, on track for a third straight week of gains. —

Dh4,766 per ounce was the price of spot gold in London