Gold Soared to Six-Week Highs in Pre-Holiday Rally - Forex News by FX Leaders
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Gold Soared to Six-Week Highs in Pre-Holiday Rally

Posted Wednesday, December 25, 2019 by
Arslan Butt • 1 min read

Gold prices soared above $1,500, touching six-week highs, on Tuesday, and are now trading just below this key level, despite the receding global trade tensions in financial markets. At the time of writing, GOLD is trading at a little above $1,499.

While the safe haven appeal of gold had diminished a few days ago after the US and China agreed to sign their phase one deal shortly, the precious metal remains supported heading into 2020 over uncertainty on how things will pan out in the new year. Markets continue to trade with a risk-on sentiment with stock markets, especially Wall Street, touching record highs on trade optimism.

The pre-Christmas rally for safe havens comes amid thin volatility and lack of updates on the trade front as well as lack of economic data releases. Gold rallied as traders decided to buy gold in order to hedge their bets even as equities maintain their bullish run towards the end of the year.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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