Gold hit its highest in nearly three weeks on Monday, as turmoil in Iraq supported the metals safe-haven appeal, while platinum group metals gained ahead of the outcome of wage talks to end a five-month long strike in South African mines. Spot gold rose 0.1 percent to $1,278.21 an ounce by 0020 GMT, after hitting $1,278.74 earlier in the session - the highest since late May. Hedge funds and money managers increased their bullish bets in gold futures and options in the week to June 10, their first increase in five weeks, according to data from the Commodity Futures Trading Commission on Friday. Among other precious metals, platinum and palladium gained about 1 percent each on Monday after logging sharp declines last week on easing supply worries. Reuters XAUUSD 1281.10 XAGUSD 19.75 (Reuters Bid Price at 0206GMT)
Posted on: Mon, 16 Jun 2014 02:06:25 +0000
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