via Bloomberg via Yahoo Finance
Gold futures rallied above $1,500 an ounce on sustained demand for the traditional haven as the U.S.-China trade war festers, global growth slows and central banks around the world ease monetary policy.
The metal advanced as much as 1.3% to $1,503.30 an ounce on the Comex, the highest since 2013. The move extends this year’s climb to 17%, with gains underpinned by inflows into exchange-traded funds. Central banks in India and New Zealand both surprised markets on Wednesday with bigger-than-expected interest rate cuts, boosting speculation others will follow.
Silver, gold’s cheaper cousin, also surged. Spot prices rallied as much as 2.2% to $16.8082 an ounce, the highest in more than a year.
Gold has been one of the chief beneficiaries of the turmoil in global financial markets as Washington and Beijing spar over trade. In recent days, the Trump administration threatened fresh tariffs against Chinese goods, the yuan was allowed to sink, and the U.S. branded China as a currency manipulator. The stand-off has boosted the odds of more easing from the Federal Reserve.
“Gold is serving its traditional role as a safe-haven asset,” said Wayne Gordon, executive director for commodities and foreign exchange at UBS Group AG’s wealth management unit. Under the bank’s risk case, marked by a further escalation of the trade fight, prices could go as high as $1,600, he said.
Futures traded at $1,497.80 an ounce at 7:55 a.m. in London, gaining for a fourth day.
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