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| Commodity News |
| HeadLine : |
Gold Heads for $1,520 In Late Slow-Burn Rally |
| Date : |
Dec 30 2019 |
The most unusual correlation play of the year continued on Friday, with gold notching a two-month high in $1,500 territory while U.S. stock prices rose to new peaks. In Friday’s session, Wall Street’s leading stock indexes touched record highs in early trade as strong Chinese industrial profits data bolstered hopes that Beijing might be ready to sign a trade deal with the United States soon. Wall Street has had one of its biggest and most prolonged bull runs this year on optimism over the imminent China deal, as well as runaway jobs growth and other strong U.S. economic data. Spot gold is up nearly 18% for 2019, while gold futures have risen almost 16%. Gold futures for February delivery on New York’s COMEX settled up $3.70, or 0.2%, at $1,518.10 per ounce. It earlier hit a two-month high of $1,519.85. Wall Street has had one of its biggest and most prolonged bull runs this year on optimism over the imminent China deal, as well as runaway jobs growth and other strong U.S. economic data.
Source: Investing.com
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