Gold futures rallied above $1,500 an ounce on sustained demand for the traditional haven as the U.S.-China trade war festers, global growth slows and central banks around the world ease monetary policy.
The precious metal rose as much as 1.2% to $1,502.30 an ounce on the Comex, the highest level since 2013. The move extends this year’s rise to 17%, with gains underpinned by inflows into exchange-traded funds. Silver also surged.
Futures traded at $1,497.20 an ounce at 10:33 a.m. in Singapore, gaining for a fourth day. Miners' shares climbed in Sydney, with Newcrest Mining Ltd.jumping as much as 3.7% while Evolution Mining Ltd. added as much as 4.8%.
Silver, gold's cheaper cousin, also surged. Spot prices rallied as much as 2.2% to $16.8082 an ounce, the highest in more than a year.
Source : Bloomberg