Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold surged 1.6% to close above $1,274, its highest finish since early November, as rising geopolitical tensions sharply increased demand for safe havens.

North Korea warned of a nuclear strike against the U.S. in retaliation for any signs of aggression after a Navy task force was sent into the region. Tensions with the rogue state have escalated after its recent missile tests.

Last week's gas attack by the Syrian government on its own people, and the subsequent decision by President Trump to launch 59 cruise missiles at a Syrian airbase, have stoke new tensions in the already volatile region. The U.S. today vowed additional military strikes against Assad's government if another chemical attack takes place.

Anxiety over the upcoming French elections is also driving risk aversion as the far-left and far-right candidates for president both advocate policies that could destabilize the eurozone.

The dollar fell to a five-month low against the safe-haven yen and yields on 10-year U.S. Treasurys fell on rising the geopolitical tensions, while the VIX volatility index on Wall Street rose to a five-month high.

The other precious metals also rose, with silver climbing 1.9% while platinum and palladium added 3% and 1.7%, respectively.

At the Comex close: June gold surged $20.30 to $1,274.20; May silver climbed 34 cents to $18.25; July platinum rose $27.90 to $967.30; and June palladium added $13.10, to $803.10 an ounce.