Gold Hits 10 Week High At $1,328/oz As Trade Wars Spur Safe-Haven Demand

June 4, 2019

Gold has consolidated on yesterday’s gains and is marginally higher as risk aversion creeps back into markets. Gold rose 1.5% yesterday to its highest level in more than three months.

Gold in USD – 1 week (GoldCore.com)

Concerns that trade wars look set to escalate globally and fears that President Trump’s threat of tariffs on Mexico will hurt the global economy are spurring safe haven demand.

Gold had a fourth straight session gain yesterday, settling at their highest in more than three months, as investors fled to the safety of havens like precious metals and bonds amid persistent tariff tensions between the U.S. and its global trade partners.

Gold is looking good here—responding to the rise in economic wars via tariffs to the global economic slowdown,” said Peter Spina, president and chief executive officer of GoldSeek.com.

Bonds are surging and gold should too … There are good reasons to believe the breakout in gold is developing as we speak and by the end of this year we will see it explode towards $1,400-$1,500,” he told MarketWatch.

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth. 

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