Prime News: Gold Prices Reach 1-Week Peak on Geopolitical Concerns

Gold prices notched one-week peaks, bolstered by the weaker dollar, while investors turned to safe-haven assets on concerns over geopolitical unease. The precious metal is frequently seen as an alternative investment in times of financial and geopolitical uncertainty.

Spot gold rose 0.3 percent to $1,255.96 an ounce while U.S. gold futures settled 0.4 higher at $1,258.40. Holdings of SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, was up 0.53 percent to 836.77 tonnes from 832.32 tonnes on Friday.

South Africa’s Harmony Gold said a labour court has declared the wildcat strike at the Kusasalethu mine “unprotected” and compelled workers to return to work. West African-focused gold mining firm Avocet Mining Plc has named Boudewijn Wentink as its new chief executive officer, in its effort to refinance and restructure the company.

German precious metals group Heraeus Group announced that it has taken full control of Swiss gold and silver processor Argor-Heraeus.

The material has been provided by InstaForex Company – www.instaforex.com

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