Gold prices rose to their highest in a month and a half on Tuesday, as soft econ...
- Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim Sino-U.S. trade deal lent support to the safe-haven bullion.
Spot gold was up 0.3% at $1,490.30 per ounce by 0601 GMT. Earlier in the day, prices hit their highest since Nov. 7 at $1,490.75. U.S. gold futures edged up 0.4% to $1,494.30. “The weaker U.S. economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the U.S. economy as we enter into 2020,” said Stephen Innes, a market strategist at AxiTrader.
“We are still not 100% clear if the ‘phase one’ deal will go through or not, it has not been signed yet ... we then pivot to ‘phase two’ that suggests you need some gold, because we don’t know what the next phase is all about, how contentious of a deal that is going to be,” Innes added.
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