Global gold prices scale six-year peak on weaker dollar, US-Iran friction
Updated : June 25, 2019 12:25 PM IST
Spot gold was up 0.4 percent at $1,424.25 per ounce, as of 0550 GMT. Earlier in the session, the yellow metal touched $1,438.63, its highest since May 14, 2013. The bullion is headed for a sixth consecutive session of gain.
Bets for lower interest rates, weaker US dollar and tensions in the Middle East are providing an ideal environment for gains in the gold prices, said Michael McCarthy, chief market strategist, CMC Markets.
The bullion's lure was further boosted by a weaker dollar, which slipped to a three-month low on bets that the Federal Reserve may lower interest rates before year-end on mounting worries about the fallout from tariff wars.