Significantly- Gold Hits Six-Month High On U.S. Political Worries

Gold rose to its highest in six months on Wednesday as worries over U.S. political uncertainty, aggravated by a partial government shutdown, and slowing global economic growth drove investors towards the safe-haven metal. “There is some safe haven buying at this point in time because of the partial (U.S. government) shutdown. The dollar against the Japanese yen and Swiss franc has lost quite a bit of value,” said Afshin Nabavi, Senior Vice President, MKS SA for Reuters. Investors were unnerved by the partial U.S. federal government shutdown and President Donald Trump’s hostile stance towards the Federal Reserve chairman.Spot gold climbed 0.3 percent to $1,272 per ounce as at 1212 GMT. It touched $1,274.68 in early trade, its highest since June 20. U.S. gold futures, meanwhile, were up 0.3 percent at $1,275.20 per ounce.The U.S. Senate has been unable to break a deadlock over Trump’s demand for more funds for a wall on the border with Mexico, and a senior official said the shutdown could continue until Jan. 3. With geopolitical uncertainty, investor interest in gold could push prices up to as much as $1,280-$1,300 in the coming year, Nabavi said. Spot gold is up about 4.1 percent for the month thus far, putting it on track to register its best December in about 10 years.

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Countries with the world's largest gold reserves in 2018: (Gold holdings in metric tons)

US: 8.134
Germany: 3.370
Italy: 2.452
France: 2.436
Russia: 2.036
China: 1.843
Switzerland: 1.040
Japan: 765.2
Netherlands: 612.5
India: 579.9

Source: World Gold Council

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High gold prices are always an indicator of a weak economy.

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Queen and gold piano - It's her message that resonates. She is literally the Queen. She’s not a working class hero, but the Sovereign. The Royal Family has always been ‘out of touch.

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