Gold prices rose above the key $1,500 per ounce level on Thursday to hit their h...
- Gold prices rose above the key $1,500 per ounce level on Thursday to hit their highest in nearly two months, as uncertainty around the signing of a trade deal between the United States and China boosted safe-haven flows into the metal.
“The data was weak before Christmas from the U.S. and we haven’t seen anything signed or concrete yet in terms of the phase one trade deal ... so the market is unsure whether that will come true,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. Lingering concerns over growth remained as data on Monday showed that new orders for key U.S.-made capital goods hardly rose in November and shipments fell, suggesting business investment will probably remain a drag on the economy in the fourth quarter.
“The catalyst for next year is the U.S.-China trade friction with many unsolved issues, then there’s Brexit by January end and the U.S. election in November - all these uncertainties could lead to a temporary spike in gold prices,” said Margaret Yang Yan, a market analyst at CMC Markets.
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