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Gold is near its highest level in seven months

2019-01-03 12:18 pm | Resource: News | No Views : 220

 Gold prices rose Thursday to a six-month high amid growing demand for safe havens heading towards $ 1,300 an ounce. , As new indicators of China's economic weakness, as well as turmoil in stock markets and currencies, helped spur demand for safe assets.

US markets fell sharply in the primary market

Markets in the United States fell sharply in the pre-sales market, reversing concerns raised by Apple's fall in first-quarter financials in the first quarter of 2019 due to China's weak performance in China due to the country's economic slowdown. Disappointing PMI data around the world added to traders' concerns on the first day of trading in 2019.

Concerns about Britain's exit from the EU, trade concerns, and political wrangling in Washington over the federal government's financing of the border wall have given some support to gold.
  • The Dow Jones industrial average was down 370 points, or 1.59%, at 12:30 CET.
  • The Nasdaq fell 2.74%
  • While the Standard & Poor's 500 Index fell 1.64%.

Safe havens

The yen jumped across all sectors and remained on track to make its biggest one-day gain in 20 months as fears of global growth drove investors into safe haven for the Japanese currency. The dollar fell more than 4 percent to 104.10 yen as weak China and European PMI data, coupled with a profit warning, shocked Apple from a new wave of risk aversion.

Precious metals trading
  • Spot gold rose 0.59% to $ 1,288.58 after hitting its highest since June 15 at $ 1290.09 earlier in the day.
  • Gold futures in the US rose 0.47 percent to $ 1290.10

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