Gold prices rose in European trade on Tuesday as rising political tension over North Korea and Syria supported demand for the safe-haven metal.
On the Comex division of the New York Mercantile Exchange, gold for June delivery gained 0.39% to $1.258.85 a troy ounce.
U.S. Secretary of State Rex Tillerson is currently at the G7 Foreign Affair Ministers meeting in Italy where political leaders are working to produce a cohesive message on Syria.
The U.S. had been working to rally international support for its revised stance on Syria ahead of the American Secretary of State’s first diplomatic trip to Moscow.
However, the Kremlin announced Monday that Tillerson and Russian President Vladimir Putin will not meet in what could be a sign of increased tensions.
Markets also focused eyes on Asia as North Korea warned Tuesday of “catastrophic consequences” in response to any further provocations by the U.S., days after a U.S. Navy battle group was sent to waters off the Korean peninsula.
Stateside, remarks Monday from Federal Reserve (Fed) chair Janet Yellen provided little effect on the precious metal as she repeated her outlook that the central bank would raise U.S. interest rates gradually with an aim to sustaining full employment and near-2% inflation without letting the economy overheat.
“Whereas before we had our foot pressed down on the gas pedal trying to give the economy all the oomph we possibly could, now allowing the economy to kind of coast and remain on an even keel — to give it some gas but not so much that we are pressing down hard on the accelerator — that’s a better stance of monetary policy,” she said.
“We want to be ahead of the curve and not behind it,” Yellen explained.
Elsewhere in metals trading, silver was up 0.13% at $17.938 a troy ounce.
Platinum rose 0.70% at $946.60 a troy ounce, while palladium gained 0.30% to $792.35 a troy ounce. Copper inched up 0.08% to $2.606 a pound.
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