Gold price up on safe-haven buying

Gold prices are higher and silver slightly up in early US trading yesterday. Safe-haven demand is featured in the yellow metal as risk aversion has up-ticked late this week following more military action in the Middle East.

February gold was last up US$10,40 at US$2 016,90. March silver was last up US$0,071 at US$22,74.

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Geopolitical tensions in the Middle East ratcheted up another notch as Pakistan launched retaliatory airstrikes inside Iran, killing at least 9 people.

The strikes follow Iran’s attack Tuesday on Pakistani soil that killed two. The risk of escalation remained yesterday as Iran began a planned air defense drill from its port of Chabahar near Pakistan.

Meantime, the US has launched more air strikes against Iranian-backed Houthi rebel targets in Yemen.

Asian and European stock markets were mixed to firmer overnight. US stock index futures are set to open higher when the New York day session begins.

The key outside markets today see the US dollar index down a bit after hitting a four-week high Wednesday. Nymex crude oil prices are near steady and trading around US$72,50 a barrel. Meantime, the yield on the benchmark US Treasury 10-year note is presently fetching around 4,09 percent.

US economic data due out yesterday includes the weekly jobless claims report, the Philadelphia Fed business survey, new residential construction and the weekly DOE liquid energy stocks report. — Kitco.