By Paul Ploumis (ScrapMonster Author)
March 23, 2016 02:19:52 AM
(Kitco News) - Gold prices ended the U.S. day session modestly higher and near the middle of the day’s trading range Tuesday, on safe-haven buying after coordinated terrorist strikes in Brussels, Belgium. April Comex gold was last up $3.40 at $1,247.60 an ounce. May Comex silver was last up $0.018 at $15.865 an ounce.
Risk aversion was back in the marketplace Tuesday, but not in panic fashion, following the terrorist attacks that occurred in Brussels. At least 31 people were killed and scores injured in two separate attacks. One attack occurred with two bombs set off at the Brussels airport, which is now closed. The other attack occurred at a metro train station by a suicide bomber. All public transit in Brussels was immediately closed.
World stock markets saw selling pressure in the wake of the attacks, but the selling was not heavy and stock markets came up from their lowest levels seen in the aftermath of the attacks. U.S. stock indexes were firmer in early afternoon trading Tuesday. Unfortunately, these types of major terror attacks are no longer extremely rare, which means the marketplace’s focus and reaction to such events is becoming shorter-lived.
Other safe-haven assets are also benefitted from the risk aversion Tuesday, as the U.S. dollar index and U.S. Treasuries were also trading higher. Crude oil prices traded not far from unchanged Tuesday. However, the near-term price uptrend in place for crude oil suggests oil prices can continue to trend sideways to higher. That’s also bullish for the entire raw commodity sector, including the precious metals.
U.S. economic data released Tuesday has little impact on markets, as attention was on the situation in Brussels.
Courtesy: Kitco News