Gold Price Sharply Up, Hits 5-Mo. High, On Safe-Haven Demand, Technical Momentum

New York (April 11)  Gold prices are trading solidly higher and have hit a five-month high in late-morning price action Tuesday. Buy stop orders were triggered in the futures market when prices pushed above last week's high and also moved above the key 200-day moving average. Increasing risk aversion in the marketplace early this week has propelled the safe-haven metal. U.S.-North Korea tensions are on the rise as U.S. warships steam toward waters off the Korean peninsula. U.S. and Russian government officials are also meeting early this week, after the U.S. sent 59 Tomahawk missiles into Syria last week. World stock markets have become a bit more wobbly in recent sessions, including selling pressure in the U.S. equities market Tuesday, and that's also benefitting the gold market bulls. The near-term chart posture for gold just got more bullish, and that's inviting more technical buyers into the market, too. June Comex gold was last up $19.30 an ounce at $1,273.40.

Spot silver surges nearly 2% to $18,26 as spot platinum and palladium likewise surge nealy 2%.

Source: KitcoNews