Gold spikes after Trump warns Russia to 'Get ready'
- Gold spiked to session highs after President Donald Trump warned Russia to "Get ready."
- It's getting close to its best close in four years.
Gold spiked to session highs, trading up 0.79% at $1,351 an ounce, on Wednesday after President Donald Trump warned Russia about its cooperation with the Syrian government.
"Russia vows to shoot down any and all missiles fired at Syria," Trump tweeted. "Get ready Russia, because they will be coming, nice and new and "smart!" You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!"
Gold traders are paying close attention to the $1,358 level as a close above there would be the best for the precious metal since March 2014. It would have to take out $1,366 for its highest print of 2018.
Gold is up 3.6% so far this year.
On the JSE, AngloGold climbed almost 4% to R115.58 and Gold Fields was up 2.5% to R46.80.
Along with other emerging market currencies, the rand weakened. The SA currency reached R12.06 to a dollar in afternoon trading
The Russian rouble is down 1.7% against the dollar, following declines of 4% on both Monday and Tuesday. The Financial Times reports that the rouble is now on track for its worst week since 1999, eclipsing its slump in 2014 at the height of the crisis over Crimea.
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