LONDON: Gold jumped to its highest in more than nine months on Friday as the dollar retreated on political uncertainty in the United States and a suspected Islamist attack in Spain boosted bullion’s safe-haven appeal.

Spot gold touched it’s highest since Nov 9 at $1,300.80 per ounce, and by 1333 GMT was trading up 0.8 per cent at $1,298.51. “There is clearly more for financial markets to be concerned about,” Danske Bank analyst Jens Pedersen said, referring to US political uncertainty and the attack in Spain. “That has led to a risk-off environment, and that’s supportive for gold.” Silver climbed 1pc to $17.17 an ounce, having touched a two-month high of $17.25. Platinum was up 1.2pc at $974.80, on track for a third straight week of gains. Palladium touched a 16-year high of $934 before giving back some gains to trade 0.2pc up at $927, on course for a weekly gain of about 4pc.

Published in Dawn, August 19th, 2017