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Gold Jumps to 6-Year High as Trade War Escalation Boosts Demand

Monday, 5 August 2019 18:14 WIB

GOLDEMAS

Gold surged to the highest level in more than six years as concerns over the intensifying U.S.-China trade war boosted demand for havens.

Spot gold advanced as much as 1.3% to $1,459.88 an ounce, the highest level since May 2013, and was at $1,458.14 at 11:49 a.m. in London. Holdings in bullion-backed exchange traded funds rose to the highest since April 2013 as of Friday, according to data compiled by Bloomberg.

Markets were awash with risk-off sentiment Monday as China responded to Donald Trump’s tariff threat with another escalation of the trade fight. U.S. equity futures slumped with European stocks, tracking a sell-off across Asia, while 10-year Treasury yields dropped to the lowest since late 2016.

Source : Bloomberg

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