Gold prices rise (2018-04-20)

BENGALURU, Apr 19 (Reuters): Gold prices rose for a fifth straight session, buoyed by a rally in base metals that has fuelled concerns of inflationary pressures, with lingering US-China trade tensions lending further support to the precious metal.

Spot gold had risen 0.3 per cent to $1,353.22 per ounce by 0749 GMT, while US gold futures rose 0.2 per cent to $1,356.30 per ounce.

"Gold shot up in glittering fashion on haven demand while catching a fillip from the underlying move in commodity prices," said Stephen Innes, head of trading for Asia-Pacific for OANDA in Singapore.

Inflation fears boost gold, which is seen as a safe-haven against rising prices.

Resources stocks surged in Asia on Thursday as oil prices climbed to their highest in over three years. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years.

"With base metals rallying quite strongly it could lead to higher inflation ... Gold could be used as a hedge against inflation risk," said OCBC analyst Barnabas Gan.

Spot gold faces resistance at $1,356 per ounce, a break above which could lead to a gain to $1,365.23, said Reuters technical analyst Wang Tao.