Gold jumps to 6-year high on strong demand

2019-08-13 12:54:42 GMT (Economies.com)
Gold jumps to 6-year high on strong demand

Gold rose as the European market opened today, reaching a 6-year high, and continuing gains for the second day, on strong safe demand, and investors' risk-aversion, due to the growing global geopolitical tensions and global economic slowdown concerns.

 

As of 10:33 GMT, gold rose 1.4% to $1,531.47 an ounce, from the opening of $1,510.87, with a high of $1,534.97 (the highest since April 12, 2013) and a low of $1,509.63.

 

Gold closed yesterday higher by more than 0.9%, resuming its gains as global stock markets fell.

 

Last week, gold rose by 3.9%, posting its second weekly gain, and the biggest weekly gain since June, on safe-haven demand, due to the escalating US-China trade war, amid strong market's bets for global central banks to ease monetary policy and cut interest rates.

 

Concerns about global geopolitical tensions are mounting as Hong Kong's protests strikes and protests, led to the close of one of the world's largest airports for air cargo, with an unexpected loss for Argentine President Mauricio Macri in the primary elections.

 

While in Italy, Deputy Prime Minister Matteo Salvini and the leader of the NLD party called for an early elections.

 

In addition to global treasury bond yields falling, which indicates a global economic slowdown and a recession that didn't happen since 2008 global crisis.

 

Gold holdings of SPDR Gold Trust, rose yesterday by 7.92 metric tons, to a total of 847.77, which is the highest since May 29, 2018.

 
 
 
  Symbol Last Change Chg.%
1.1091
-0.0102
0.9113%
1.2147
0.0087
0.7243%
17.104
0.128
0.753%
54.800
0.550
1.014%
58.65
0.42
0.72%
1512.265
14.840
0.991%
 
 
US
 
Europe
 
Asia