Gold prices inch up amid international economic, political worries

Spot gold was up 0.1 percent at $1,231.27 an ounce at 0102 GMT. On Tuesday, it touched its highest since July 17 at $1,239.68.

The Equicom

Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal.

FUNDAMENTALS

Spot gold was up 0.1 percent at $1,231.27 an ounce at 0102 GMT. On Tuesday, it touched its highest since July 17 at $1,239.68.

US gold futures were down 0.2 percent at $1,234.20 an ounce.

Palladium jumped to a record-high on Tuesday, bringing the metal to within striking distance of achieving parity with gold after it outshone other precious metals including its closest rival, platinum, this year.

Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses.

President Donald Trump said on Tuesday that Saudi authorities staged the “worst cover-up ever” in the killing of prominent journalist Jamal Khashoggi this month, as the United States vowed to revoke the visas of some of those believed to be responsible.

Washington will press ahead with a plan to quit a landmark nuclear arms control pact despite objections from Russia and some European countries, senior U.S. official John Bolton said on Tuesday, after meeting Russian President Vladimir Putin.

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