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Gold price within reach of $1,900

Gold rose for a fifth straight session on Thursday, reaching another nine-year high and approaching the $1,900/oz level, as rising geopolitical risks and a weakening US dollar continue to increase the metal’s safe-haven appeal.

Spot gold rose 1.2% to $1,894.70/oz by 11:45 EDT, its highest since September 2011. US gold futures for August delivery advanced 1.3% to $1,889.70/oz.

Political tensions between the world’s two largest economies escalated further on Wednesday when the US government abruptly ordered the closure of the Chinese consulate in Houston, Texas, following allegations of spying. China denied these claims and was more than displeased with this decision, vowing to retaliate if the US does not rescind the order.

Capital Limited (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.