Gold futures climbed in value on Friday amid concerns for tense political situations in the Middle East, Dow Jones Newswires reports.
As Syrian forces attempt to quash revolts against the rulership of Bashar al-Assad and Iran continues building its nuclear program, to the chagrin of western nations, bullion gained in value for the fifth consecutive trading session. Yet relaxed monetary policies from worldwide central banks also are doing their part to push up the price of the precious metal.
"It is really monetary (policy) expectations that are making the investment rationale for gold," analyst Byran DIncer with LGT Capital Management told Reuters. "It is not our favorite position to go long gold at these high levels. Conditional on those expectations, it makes sense, but the potential for disappointment, and price consolidation, is a given."
At 8:49 a.m. on Friday, gold futures slipped 0.26 percent, a $3.60 loss to $1,781.70 per troy ounce.
The price of gold has gained about 13.7 percent thus far this year, serving as a surprise after the yellowish metal lost 10 percent of its value during the final month of last year.
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