Gold bullion was trading around a two-month high Wednesday after geopolitical tensions in the Middle East and North Korea’s claim of a successful hydrogen bomb test triggered risk-off sentiment and fueled safe-haven trades.
In the Middle East, tensions are rising after Saudi Arabia executed a prominent Shi’ite cleric Saturday, which caused widespread unrest in Shi’ite Muslim countries and forced Saudi Arabia to cut ties with Iran after Iranian protesters rushed the embassy in Tehran. [Geopolitical Risks Renew Gold ETF Trade]
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Tom Lydon’s clients own shares of GLD.