Jan 15 (Reuters) - Gold prices on Monday hit their highest
since September, buoyed by a weaker U.S. dollar, which slumped
to three-year lows against a basket of currencies.
Spot gold was up 0.2 percent at $1,340.72 an ounce by
0302 GMT, after touching its strongest since Sept. 8 at
Spot gold rose for a fifth straight week last week, gaining
U.S. gold futures were up 0.4 percent at $1,340.80 an
"While the weaker dollar remained gold's primary driver,
investors are keeping an eye on the simmering geopolitical hot
spot in the Middle East," said Stephen Innes, APAC head of
trading at OANDA.
"Iran remains among the most poignant of geopolitical risks
this year following President Trump's decision not to ratify
Iran's compliance on the nuclear deal ... Gold investors are
likely under-positioned for a significant escalation which could
lead to considerable price increase."
Iran's president said on Sunday the United States had failed
to undermine a nuclear deal between Tehran and major powers, and
hailed the accord as a "long-lasting victory" for Iran, state
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.