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Gold price remains higher on geopolitics

22nd July 2014

The gold price seems to have settled itself in above the $1,300-an-ounce mark on the back of demand caused by incessant geopolitical crises.

Yesterday, the yellow metal peaked at $1,318 after the Palestinian health ministry indicated that the number of deaths caused by the two-week bombardment from Israel has continued to rise and has now passed 500. Despite the toll, Benjamin Netanyahu has suggested that Israel’s military operations could increase.

Gold trading also has to consider the global response to the MH17 catastrophe, with US Secretary of State John Kerry making it clear over the weekend that he believes Russia was complicit in the shooting down of the civilian jet.

There’s also anger about how the clear-up has been handled, which has only served to add even more pressure on the relationship that Russia has with the rest of the world. At 0700 GMT, the gold price stood at $1,307 an ounce.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.