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Gold Hits 10 Week High At $1,328/oz as Trade Wars Spur Safe Haven Demand

Gold has consolidated on yesterday’s gains and is marginally higher as risk aversion creeps back into markets. Gold rose 1.5% yesterday to its highest level in more than three months.

Concerns that trade wars look set to escalate globally and fears that President Trump’s threat of tariffs on Mexico will hurt the global economy are spurring safe haven demand.

Gold had a fourth straight session gain yesterday, settling at their highest in more than three months, as investors fled to the safety of havens like precious metals and bonds amid persistent tariff tensions between the U.S. and its global trade partners.

“Gold is looking good here—responding to the rise in economic wars via tariffs to the global economic slowdown,” said Peter Spina, president and chief executive officer of GoldSeek.com.

Gold in USD – 1 week

Gold in USD – 1 week (GoldCore.com)

Source: GoldCore.com - Click to enlarge

“Bonds are surging and gold should too … There are good reasons to believe the breakout in gold is developing as we speak and by the end of this year we will see it explode towards $1,400-$1,500,” he told MarketWatch.  
Full story here
Mark O'Byrne
I founded GoldCore more than 10 years ago and it has been my passion and a huge part of my life ever since. I strongly believe that due to the significant macroeconomic and geopolitical risks of today, saving and investing a portion of one’s wealth in gold bullion is both wise and prudent.
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