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Gold rises as investors seek safety after U.S.-led strikes on Syria

Reuters  |  BENGALURU 

By Verma

BENGALURU (Reuters) - Gold prices rose on Monday on safe-haven buying following the U.S.-led missile strikes against at the weekend, but the gains were limited by the likelihood that the operation may be a one-off event.

Spot gold was up 0.2 percent at $1,347.84 an ounce at 0316 GMT after an initial dip.

U.S. gold futures rose 0.2 percent to $1,350.60 an ounce.

Forces from the United States, Britain and pounded with air strikes early on Saturday in the biggest intervention by Western powers against Syrian in response to the regime's use of

U.S. called the strikes a "one time shot," but Trump raised the prospect of further strikes if again uses

"Gold prices are biased upwards in the short-term as gold is still seen as a safe-haven asset amid tensions over Syria, U.S.-sanctions and trade war," said Brian Lan, at GoldSilver Central in

Russian warned on Sunday that further Western attacks on would bring chaos to world affairs, as prepared to increase pressure on with new economic sanctions.

Gold has risen more than 3 percent this year, buoyed by international trade and geopolitical disputes and volatility in equities, but the has yet to emerge from a tight trading range in the face of an expectation for rising U.S. interest rates, traders say.

Speculators raised their net long positions in COMEX gold contracts by 363 contracts to 138,212 contracts in the week to April 10, (CFTC) data showed on Friday.

Dealers trimmed their short position in silver by 3,187 contracts to 36,417 contracts, the data showed.

Silver gained 0.3 percent at $16.68 per ounce, while platinum was down 0.1 percent at $926.74 an ounce.

Palladium was 0.2 percent higher at $988.80 per ounce after hitting a 3-week high of $990.50 on Friday. Prices rose 9.6 percent last week, its biggest weekly gain since January 2017.

(Reporting by Verma in Bengaluru; editing by and Christian Schmollinger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 09:28 IST