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Gold surges to 6-year high as trade worries lift safe-haven bets


Monday, 5 August 2019 20:39 WIB

GOLDEMAS


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Gold rose to a more than six-year high on Monday, gaining more than 1 per cent, as an escalating trade conflict between the United States and China sent investors scurrying for the safety of bullion.

Spot gold was up 1.5 per cent at US$1,462.40 per ounce as of 1301 GMT, after hitting its highest level since May 2013 at US$1,464.60. US gold futures rose 1.2 per cent to US$1,474.30.

Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to 830.76 tonnes on Friday.

Elsewhere, silver rose 1.3 per cent to US$16.42 per ounce. Platinum climbed 1.8 per cent to US$857.67, while palladium gained 2.6 per cent to US$1,442.67.

Source: Reuters


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