Gold futures climbed above US$1,350 an ounce to reach a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week's Federal Reserve meeting, when policy makers may move closer to cutting US interest rates.[SINGAPORE] Gold futures climbed above US$1,350 an ounce to reach a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week's Federal Reserve meeting, when policy makers may move closer to cutting US interest rates.
Gold has surged in June, shaking off a lackluster few months as investors brace for more uncertainty on global trade. Worries have escalated as the Trump administration blamed Iran for attacks on two oil tankers and US economic adviser Larry Kudlow warned that Beijing may face consequences if it refuses an invitation to restart talks. Gold also got help from bets that the Fed will lay groundwork for looser monetary policy next week.