Sun. Dec 4th, 2022

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Gold gleaming as US furors initiate safe-haven rush

1 min read

Gold rose on Monday as riots in major US cities rattled investors already reeling from strained Sino-US ties and boosted demand for the safe-haven metal, with a weaker dollar lending further support.

Spot gold gained 0.8% to $1,739.59 per ounce by 0802 GMT, having surged 1% earlier. US gold futures inched up 0.1% to $1,752.50.

The dollar index fell 0.5% against its rivals.

“The protests are obviously not a positive sign given the fragility of the US economy at the moment, and the need to get out from under lockdown,” said Michael McCarthy, chief strategist at CMC Markets.

Protesters have flooded the streets in the United States over the death of George Floyd in police custody.

Geopolitical tensions are rising from the blame game between the West and China, and as the dispute in Hong Kong intensifies, Fitch Solutions said in a note.

This will “catalyse gold bulls throughout 2020 at least”, as investors seek security in safe-haven assets, it added.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.3% to 1,123.14 tonnes on Friday, a fresh seven-year high.

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