Gold prices hold near near six-year highs News by Expertcommodity

Gold prices today extended gains in early Asian trade on Monday, hovering near a six-year peak touched in the previous session, as a weaker dollar and heightened tensions between the United States and Iran underpinned the precious metal. Spot gold was up 0.6% at $1,406.56 per ounce in global markets, heading for a fifth straight session of gains. Gold prices hit $1,410.78 on Friday, their highest since September 4, 2013. US gold futures rose 0.7% to $1,410.20 per ounce.

Back in India, gold futures for August delivery on MCX traded 0.42% higher at ₹34,310 per 10 gram.
Meanwhile, physical gold discounts in India have widened as an upsurge in local prices dampened purchases. The domestic price in India includes a 10% import tax and 3% GST.
US President Donald Trump said last week that he called off a military strike to retaliate for Iran's downing of an unmanned US drone, and he said on Sunday that he was not seeking war with Iran.

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