Gold Climbs on Geopolitical Risks

Volatility in the geopolitical sphere is giving gold prices with the most-active futures up 0.8% to $2028.50 an ounce in early trading. “Demand from investors continues to remain brisk,” says Peter Cardillo of Spartan Capital Securities. “Today’s action suggests the next leg upward is gaining traction after consolidation above the $2000 level.” The precious metals complex is mostly stronger today, due in part to doubts surrounding a long-term cease-fire in the Israel-Palestinian conflict. The Wall Street Journal reports that such a deal would likely need to include trading prisoners, and Israel holding back on an offensive in southern Gaza intended to dismantle Hamas’s top leadership.