Gold futures trade at their highest level in 14 months:
Gold futures climbed Friday to touch their highest levels in 14 months, with the metal’s haven appeal getting a boost from tensions in the Middle East and Hong Kong as well as rising expectations for a summer interest-rate cut from the Federal Reserve.
July silver SIN19, -0.15% which serves as both a haven asset and has industrial purpose, gained nearly a penny, or 0.05%, to $14.90 an ounce, trading around 0.9% lower for the week. July copper HGN19, -0.96% fell 1.8 cents, or 0.7%, to $2.639 a pound, but traded about 0.4% higher for the week. The U.S. military claims to have a video that shows an Iranian navy boat removing an unexploded mine from near one of two tankers attacked in the Gulf of Oman on Thursday. The U.S. has blamed Iran for those attacks, a charge that country’s government denies. Oil prices surged on news of the attacks, but were still poised for a weekly loss.
“Today’s price action suggests the market is not long enough gold, especially by historical standards, for this elevated level risk as investors have remained far too complacent to mounting risk in Hong Kong and the smolder explosive political powder keg in the Middle East,” Innes said.
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