Gold hits highest since US election after Syria strikes, jobs data

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The shiny stuff is sparkling.

Gold prices have hit their highest level since Donald Trump’s election today in the wake of the US launching air strikes against the Assad regime and a drab headline reading of US jobs growth.

The price of an ounce of the yellow metal is up 1.4 per cent today to $1267.90 – the most expensive level since November 10 and its best daily leap in three weeks.

Prices jumped earlier this morning when news of the US’s military strikes against the Syrian government emerged out of Washington.

Other haven assets which usually outperform at times of political stress – such as oil and the Japanese yen – have also climbed today.

But despite the escalation in the Middle East today, a tightening in US monetary policy this year is likely to keep a lid on gold prices, according to Thomas Pugh, commodities economist at Capital Economics.

“The price of gold is likely to fall from about $1,265 today to $1,050 by the end of the year” said Mr Pugh.

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