Gold hits two-week high as investors cautious on US debt concerns
Ammon News - Gold prices rose to a two-week peak on Thursday as investors leaned toward the safe-haven asset amid mounting concerns over the U.S. government's growing debt and soft demand for 20-year Treasury bonds, highlighting low appetite for U.S. assets.
Spot gold was up 0.7% at $3,336.43 an ounce, as of 0446 GMT, after hitting its highest level since May 9.
U.S. gold futures rose 0.7% to $3,337.60.
The dollar is hovering near a two-week low hit in the previous session, making greenback-priced gold cheaper for holders of overseas currency.
"Gold's bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.
Spot silver rose nearly 1% to $33.66 an ounce, platinum fell 0.4% to $1,072.43 and palladium lost 1.4% to $1,023.50. Reuters
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