Gold’s year-end rally is pushing into 2019. Bullion advanced for a fifth straight day as equities posted fresh losses after the worst year since the financial crisis, with investors weighing more signs of slower growth across Asia and the U.S. government shutdown dragging on.
The metal hit a six-month high nearing $1,300 an ounce, even as some daily technical indicators highlighted the potential for a reversal after recent gains. The advance came as fresh figures showed China manufacturing shrinking, while global bellwether Singapore reported a slower-than expected expansion.
Spot gold climbed as much as 0.4 percent to $1,287.45 an ounce, the highest since June 15, and traded at $1,285.96 at 7:03 a.m. in London, according to Bloomberg generic pricing. In December, bullion capped the biggest quarterly rise since March 2017, and after that rally its 14-day relative strength index is well above 70, a level that can indicate a pullback to some investors.
Source : Bloomberg