Gold Continues its Bullish Ride Amid Holiday Trading
Arslan Butt • 1 min read
Gold prices continue to edge higher early on Monday amid thin volatility in markets this holiday season, trading close to two-month highs. At the time of writing, GOLD is trading at a little above $1,514.
Gold has climbed above the $1,500 level over the past week as investors hedge against anticipated risks and drive its safe haven appeal higher. Markets remain concerned about whether global equities can sustain their 2019 rally into the next year, and have opted to hedge their bets against gold for now.
Gold has also turned bullish following news reports about US airstrikes in the Middle East at multiple locations across Iraq and Syria where Iran purportedly has stored weapons and munitions. Meanwhile, markets continue to wait for confirmation on the US-China trade deal signing, which was announced a couple of weeks ago.
The US-China trade war has been one of the key reasons which has caused gold to gain as much as 18% so far in 2019. Markets have opted for the safe haven metal amid rising uncertainties about economic growth slowing down, not just in the US and China, but also in leading economies worldwide.