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Gold tops $1.500 as investors seek shelter from gathering storm


Wednesday, 7 August 2019 10:13 WIB

GOLDEMASSILVER


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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


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