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Spot Gold Sets New High for 10th Time YTD; US$3,000-lv Appears to Have 'Magnet Effect' on Mkt
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Market concerns that US President Donald Trump's tariff threats could wage a global trade war have caused capital to flow into gold as a safe-haven asset, sending the price of gold to a new high. Spot gold ascended to US$2,954.83/ oz on Thursday (20th), hitting a record high for the tenth time in less than two months this year. It last traded at US$2,950.9/ oz. Gold futures rose 1.2% during electronic trading hours to US$2,970.7/ oz. The price of gold has climbed by about 12% so far this year. Some market participants believed that the US$3,000/ oz mark has a "magnet effect" on the price of gold. Even though the market is technically overbought, the market seems determined that gold prices will rise to this level. AAStocks Financial News |
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