Risk aversion lifts New York gold prices to new highs in more than 6 years
Source: Xinhua News Agency Time: 2019-08-16
Xinhua News Agency, Chicago, August 15th (Reporter Zhang Huan) As investors ’concerns over trade disputes and the global economic outlook continue to rise, gold as a safe-haven asset continues to be sought after, and New York gold futures prices hit more than six years on the 15th The highest closing price.
On the same day, the most active December gold futures price on the New York Mercantile Exchange gold futures market rose by 3.4 dollars from the previous trading day on the 15th, closing at 1531.2 dollars per ounce, an increase of 0.22%.
Trade disputes and the uncertainty of the economic outlook have raised investor anxiety. An important sign is the recent influx of funds into treasury bonds, gold and other safe-haven assets. On the 14th, the yield on 30-year US Treasury bonds fell to a record low of about 2%.
At the same time, the 10-year Treasury yield in the United States is lower than the 2-year Treasury yield for the first time since 2007. This abnormal situation in which the long-term Treasury yield is lower than the short-term Treasury bond is often regarded as a warning sign of economic recession.
Gold, which is also a safe-haven asset, has also continued to be sought after recently. Since the end of May, the price of gold has gone from less than 1,300 US dollars per ounce, and has successively exceeded the integer mark of 1,400 and 1,500 US dollars.
Looking ahead, the analysis report released by Zana Metals on the 15th holds that: "Investors continue to invest funds in the gold market to further increase the price of gold. In the medium and long term, if the Sino-US economic and trade frictions are not substantially resolved, the market for Worries about the economic outlook are difficult to eliminate, and there is room for the gold price to continue to rise. "
However, Stephen Innes, a partner at VM Markets, believes that gold will also be affected by the US dollar index in the short term. Because of the "seesaw market" between gold and the US dollar, a stronger US dollar index will have a certain negative impact on gold, and some investors may choose to take profit.
The US dollar index, which measures the exchange rate of the US dollar against six major currencies, rose by 0.14% on the 15th and closed at 98.1484 in the close of the New York currency market.