• Gold prices ended higher Tuesday for a fifth straight session, holding ground at their highest finish in about two weeks. Prices for the precious metal found support as the U.S. dollar fell against its major currency rivals in the wake of reports that President Donald Trump shared classified information with top Russian officials last week.
• June gold GCM7, +0.59% rose $6.40, or 0.5%, to settle at $1,236.40 an ounce. Prices settled at their highest since May 3, according to FactSet data.
• President Trump shared sensitive intelligence obtained from a close U.S. ally—possibly Israel—with Russia’s foreign minister and ambassador in a meeting last week, according to U.S. officials, The Wall Street Journal reported. That exchange potentially jeopardizes critical intelligence-sharing agreements in the fight against Islamic State. The development was first reported by the Washington Post. Trump, on Tuesday, defended his actions.
• “Unending Trump controversies” have lent support to gold, said Chintan Karnani, chief market analyst at Insignia Consultants, adding that he also believes the recent global ransomware attack, which also hit U.K. health facilities, will result in higher physical gold demand from Europe.
• Gold had also settled at a nearly two-week high Monday after more show of nuclear strength from North Korea, while platinum, copper and silver advanced, finding traction after weekend comments from China about a boost in infrastructure projects.
• Traders are expecting an almost 100% probability of a U.S. interest rate increase in June, CME Group’s FedWatch showed, but more weak data between now and the meeting could shake confidence. Gold is highly sensitive to rising rates, which increases the opportunity cost of holding assets such as bullion, which don’t bear a yield, while boosting the dollar, in which it is priced.
• July silver rose 14.4 cents or 0.9%, to $16.747 an ounce.
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