It's a busy news day, with lots of global risks in focus, and gold is holding its upbeat tone:
Haven gold found only modest traction early Wednesday, even as uncertainty hung over financial markets, setting up stocks and other risk-on markets for declines. Likely market-moving developments came in the form of looming congressional testimony by Michael Cohen, former long-time attorney to President Trump, the second nuclear-weapon summit between North Korean dictator Kim Jong Un and Trump, as well as escalating tensions between India and Pakistan, which has its own nuclear risk attached.
Read: Fears of escalation between nuclear powers after India drops bombs in Pakistan “The [precious metals] bulls needed a new fundamental news spark, and they got one today, as a geopolitical hotspot has flared up in Asia,” said Jim Wyckoff, analyst at Kitco.com. “India and Pakistan have exchanged military strikes on each other the past two days. India bombed what it said was a terrorist camp in Pakistan, with Pakistan retaliating by shooting down two Indian aircraft.
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