Gold Jumps as Investors Flock to Havens
Tuesday,
23-Oct-2018
03:58 PM (IST)
Traditional safe-haven assets like gold, the Japanese yen and U.S. Treasurys were all higher, as a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks all depressed sentiment.Gold, which is often sought in times of geopolitical tension or market turbulence, gained 1.5% to $1,239.60 a troy ounce, its best level since July 17.Market players also flocked to the yen, another safe-haven currency. USD/JPY was last down 0.55% at 112.17.Additionally, Treasury yields fell as market participants looking for safety piled into fixed income. The benchmark 10-year Treasury note yield slipped 5.0 basis points to 3.143%, the lowest in more than a week.
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