Gold jumps to its highest

 
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LONDON: Aug 30 (TNS):  Gold has jumped to its highest since November as investors bought bullion as insurance against falling prices of other assets after North Korea tested its missile over Japan.

Spot gold , which rose for a third straight session, was up 0.9 per cent at $1,320.64 an ounce by 1355 GMT after touching $1,325.94, its highest since Nov 9.

Other precious metals benefited, with silver rising 1pc to $17.60 after touching $17.67, its highest since April 25.

Silver, which broke its downtrend when moving above $17.50, is poised for further gains. If we see this breakout starts to stick, you could argue that silver has the opportunity to do some catching up since the (bullish) investment positioning in silver is much lighter than in gold. Platinum gained 1.2pc to $998.50 after marking its highest since March 2 at $1,006.30.

 

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