Price Of Gold Extends Upward Move Amid Geopolitical Concerns

(RTTNews) - Following the rally seen in the previous session, the price of gold saw some further upside during trading on Wednesday.

Gold for June delivery rose $3.90 to $1,278.10 an ounce, reaching its highest closing level in five months.

The continued increase by the price of gold came amid lingering geopolitical concerns as Secretary of State Rex Tillerson met with Russian Foreign Minister Sergey Lavrov.

On the U.S. economic front, the Labor Department released a report showing an unexpected decline in import prices in the month of March.

The Labor Department said import prices dipped by 0.2 percent in March after climbing by a revised 0.4 percent in February.

The decrease came as a surprise to economists, who had expected import prices to inch up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

Meanwhile, the report said export prices rose by 0.2 percent in March following a 0.3 percent increase in February. Export prices had been expected to tick up by 0.1 percent.

The economic calendar picks up in the coming days, including with the release of some key data while the markets are closed on Friday.

Reports on retail sales, producer and consumer prices, and import and export prices may attract attention later this week.