Gold futures logged their highest finish since 2013 on Wednesday after another round of downbeat economic data, and as the temporary inversion of the main measure of the U.S. Treasury yield curve raised the risk of a recession.
Gold for December delivery on Comex rose $13.70, or 0.9%, to settle at $1,527.80 an ounce after losing 0.2% on Tuesday. The settlement was the highest for a most-active contract since April 11, 2013, according to FactSet data. September silver added 29.5 cents, or 1.7%, to $17.28 an ounce.
Gold “remains shielded by various core market themes,” said Lukman Otunuga, senior research analyst at FXTM, in a daily note. “For as long as geopolitical tensions, Brexit uncertainty, global growth concerns and central banks easing monetary policy remain key themes, gold bulls are in control.”
Source : Marketwatch