Gold Makes Run Toward $1,300 as Risk Flares From U.K. to Mideast
- British election, Comey testimony, Qatar crisis aiding demand
- Precious metal has risen this year as dollar extends decline
Analyst Sees 'Caution Trade' Pushing Gold to $1320
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Gold is taking aim at $1,300 an ounce. The metal has rallied to the highest since November as investors position themselves for the outcome of the U.K. election and potential drama of former FBI Director James Comey’s testimony, while also tracking tensions in the Middle East.
Bullion for immediate delivery was at $1,290.17 an ounce at 12:19 p.m. in New York, holding near Tuesday’s intraday peak of $1,296.15, the highest since Nov. 9, according to Bloomberg generic pricing. The climb has been supported by a fall in the dollar, which is near the lowest since October.