Gold busts above $1,350 as Iran tension

17 June, 2019 12:00 AM printer

London: Gold futures climbed above $1,350 an ounce to reach a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week’s Federal Reserve meeting, when policymakers may move closer to cutting US interest rates.

The metal has gained 12 of the last 13 sessions. Investors are also pouring into exchange-traded funds backed by gold, with holdings rising to the highest since late February and one buyer making the largest block trade for iShares Gold Trust ETF in almost two months.