Gold's end-of-year stealth rally is gaining ground even as investors target risk assets including equities and early data suggest that macro-economic conditions are set to be more benign in 2020 than this year.
Prices climbed for the fifth time in six sessions as the dollar fell again and funds plowed more money into bullion-backed exchange-traded funds. The advance burnishes a yearly gain, with spot prices up 18% in 2019 and heading for the highest close since November.
Spot gold rose as much as 0.4% to $1,515.87 an ounce, the highest since Nov. 1, and was at $1,513.88 at 6:33 a.m. in London. In September, prices hit $1,557.11, the highest in more than six years. The Bloomberg Dollar Spot Index fell 0.2% to the lowest since July; it's down 2.5% this quarter.
Silver and platinum also climbed on the final Monday of the year. Spot silveradded 0.8%, extending this year's gain to almost 16%, while platinum rose 0.5% for an annual advance of 20%. Palladium, which was 0.2% lower, has come out tops for annual performance by some distance with a 51% rally.
Source : Bloomberg