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Updated 04:42 24/02/20

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Gold reaches three week high as violence escalates in Iraq

Duncan Richardson, News Editor
16 Jun 2014, 10:47 a.m.

The gold price has risen to a three week high as violence continues to escalate in Iraq and the Ukraine. Last week the gold price rose 1.90% to $1,282.14 per ounce as investors turn to the ultimate safe haven. Whilst the silver price broke through key resistance levels and currently trades at a one-month high.

Last week pro-Russian fighters shot down a Ukrainian government transport plane in the east of the country. Whilst in Iraq photos have been posted on line apparently showing Sunni militants massacring a number of Iraqi soldiers. The army have responded to the insurgency by killing 279 militants as violence continues to spread across the oil rich country.

Analysts are forecasting the political uncertainty will provide continuing support to the gold price.

Silver increased 1% to $19.88 per ounce, platinum gained 0.7% to $1,443 per ounce and palladium gained 0.9% to $822.09 per ounce.

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