Gold futures finished higher Monday, near a six-year peak above $1,500-an-ounce set last week, as the U.S.-China trade battle showed few signs of letting up, and as demonstrations in Hong Kong heightened fears about the health of global markets and economies.
December gold GCZ19, +0.56% on Comex rose $8.70, or 0.6%, to $1,517.20 an ounce, while September silver SIU19, +0.58% added 14 cent, or 0.8%, to end at $17.071 an ounce.
“Gold is thriving in the current environment of central bank easing, risk aversion, recession risks, low inflation and even a slightly softer dollar this month. It’s already soared back above $1,500 for the first time in more than six years and it’s not yet losing momentum,” said Craig Erlam, senior market analyst at Oanda, in a note.
Goldman Sachs, in a Sunday note, said the U.S.-China trade war is having a bigger effect on the U.S. economy than they had expected and warned that recession risks had risen.
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