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Gold reaches 3-weeks highs on geopolitical instability

FXStreet (Córdoba) - The yellow metal seems unstoppable, having already gained 2% this week underpinned by the search of safe-havens amid geopolitical tensions.

On Friday, risk aversion intensified after US President Barack Obama authorized targeted airstrikes in Iraq. This coupled with the ongoing tensions between Ukraine and Russia and a series of sanctions and represalias with Western countries and the conflict between Israel and Hamas, has kept the safe-haven in demand.

Gold for December delivery extended its rise and broke above $1,320 an ounce Friday, reaching a 3-week high of $1,323 so far. The metal was last up 0.8% on the day at $1,322.50.

USD/JPY is under pressure from Obama and Iraq

USD/JPY slid below 102.00 reaching 2.5-week low at 101.59, but rebounded to 101.70 area by the moment.
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