By Renita D. Young and Zandi Shabalala
NEW YORK/LONDON, April 13 (Reuters) – Gold prices rose on
Friday, heading for a second consecutive weekly gain on
lingering uncertainty over Western military action in Syria.
U.S. President Donald Trump and his national security aides
on Thursday discussed options on Syria, where he has threatened
missile strikes in response to a suspected poison gas attack, as
a Russian envoy voiced fears of wider conflict between
Washington and Moscow.
Trump, however, cast doubt over the timing of his threatened
strike, tweeting that a U.S. attack “could be very soon or not
so soon at all”.
Spot gold increased 0.7 percent at $1,344.40 per
ounce by 1:38 p.m. EDT (1738 GMT), set for a weekly gain of
nearly 1 percent. U.S. gold futures for June delivery
settled up $6, or 0.5 percent, at $1,347.90.
Gold is often used as a store of value in times of political
and economic uncertainty.
“Donald Trump back-pedaled a bit in his morning tweet
yesterday, but the danger is still there that the situation
could escalate with Russia due to a military attack on Syria,”
Quantitative Commodity Research consultant Peter Fertig said.
“We are back at a cold war, which easily could turn into a
hot war if someone loses their nerve – and in such a situation,
gold is a haven.”
Read more via PRECIOUS-Gold on track for second weekly gain as Syria concerns linger