Gold surges as tensions flare in the South China Sea

16 December

Gold spiked to session highs Friday on renewed tension in the South China Sea after word that China seized an American underwater drone off the coast of the Philippines on Thursday. The precious metal hit a session high above $1,141 an ounce, up 1%, as word of the incident crossed the wires, but it has since pulled back to $1,137. Gold typically does well during periods of uncertainty.

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