Gold Trading Bullish This Holiday Season, Soars Above $1,500
Arslan Butt • 1 min read
Early on Friday, gold prices continue their bullish run above the $1,500 level amid lack of volatility in markets during holiday trading, marking the year-end rush for safe havens. At the time of writing, GOLD is trading at a little above $1,513.
Even though the US and China announced the finalizing of the phase one trade deal, boosting a risk-on sentiment in global markets, gold traders continue to be wary until concrete progress or confirmation comes along. The uncertainties about any potential delay or derailment in progress, as has happened numerous times before, continue to support gold’s safe haven appeal.
Gold is on track to mark a weekly gain of 1.9% so far this week amid thin holiday trading as traders hedge their bets and adopt a more cautious outlook for the global economy and equities in the upcoming year. While receding trade tensions are expected to support economic growth in 2020, markets remain worried about whether stock markets can continue the strong rally seen in 2019 into next year.