Commodity News
HeadLine : Gold Back Above $1,520; Gains as Much as 18% for 2019
Date : Jan 1 2020
The yellow metal hit more than three-month highs on Tuesday and finished the year with double-digit gains as investors sought the safe haven as a hedge to the U.S.-China trade war and other global troubles. Gold futures Gold for February delivery on New York’s COMEX settled up $4.50, or 0.3%, at $1,523.10 per ounce. It hit a session high of 1,528.25 earlier in the day, a peak since late September. Spot gold, was up $5.56, or 0.4%, at $1,520.58, after an 11-week high of $1,525.32 earlier.Gold futures ended the year 16% higher, while bullion rose 18%. While the U.S.-China trade dispute itself could have a preliminary closure with a phase one slated for signing in mid-January, according to President Donald Trump, gold’s allure is by no means over, traders said. The dollar fell to a three-week low on Monday as more investors withdrew from the currency that had become an indirect bet against the U.S.-China trade war. Trump said in a tweet on Tuesday that the phase one of the U.S.-China deal will be signed at the White House on Jan. 15 and that he will travel to China to discuss the second phase.

Source : Investing
News Archives: