Gold at three-month high

THE gold price was around a three-month high this week as global stock market indices tumbled on continuing geopolitical concerns, including Saudi tensions and Italian budget woes.

  • Staff Reporter
  • 26 October 2018
  • 05:15
  • News
Gold at three-month high

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The spot price trading above $1232 an ounce and in London, base metals futures were mainly higher in Asian trade midweek as Chinese investors showed optimism over economic stimulus plans.
 
In New York, Caterpillar posted one of the biggest drops on the NYSE this week as it said the intensifying trade war dampened earnings growth prospects.
 
"We've come up upon a tremendous wall of worry for US stocks and stocks around the world," Mainstay Capital Management CEO David Kudla told Bloomberg Television.
 
Overnight, the gold price was fixed at $1229.81 an ounce.
 
The WTI crude oil price was up overnight at $66.95 per barrel.
 
In softer commodities, cocoa increased $72 per tonne or 3.37% to $2209/t yesterday from the $2137 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 1.05c per pound or 0.87% to 121.30c/lb yesterday from 120.25c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 
 

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