(Kitco News) – Gold prices are now posting double-digit gains and are near daily highs in late-morning action Thursday. Safe-haven demand is featured in gold, and to a lesser degree in silver, as the U.S. and world stock markets see selling pressure due to renewed U.S.-China trade worries and by some concerns about the upcoming European elections. The U.S.-Iran tensions are also in the background. A big drop in crude oil prices late this week (down around $5.00 a barrel since Tuesday) is also now working in favor of the gold market bulls, due to the keener uncertainty of the steep drop. June gold was last up $10.10 an ounce at $1,284.30.
By Jim Wyckoff
For Kitco News
Contact jwyckoff@kitco.com
www.kitco.com
