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Gold touched its highest in more than six months yesterday as sagging equities compounded concerns over weakening global markets, prompting safe-haven flows into the precious metal.
Spot gold was up 15 percent at $1,284.15 an ounce by 8:54 a.m. ET, having earlier touched its highest since June 15 at $1,288.66.
US gold futures rose 0,38 percent to $1,286.20.
“We are seeing a very risk-averse market right now,” said Craig Erlam, senior market analyst at OANDA.
Global shares began 2019 on a downbeat note while oil prices and bond yields slid and the Japanese yen strengthened as data from far and wide exacerbated concern over the potential for a global economic slowdown.
Economic and geopolitical concerns mean it is only a matter of time before gold shoots up, said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.
Markets are also awaiting views from Federal Reserve Chairman Jerome Powell on the US economic outlook and hints about interest rates in 2019 when he participates in a joint discussion on Friday with former Fed heads Janet Yellen and Ben Bernanke.
Further pointers are expected this week from a closely watched survey on US manufacturing, due on Thursday, followed by the December payrolls report on Friday. — cnbc.com.
Online Reporter