GOLD: Gold Hits New Records in Tuesday’s Trading.
Feb-04 03:53By: Jamie Grant
Gold
- Gold’s ‘safe-haven’ status was evident during the Asian trading day as investors focused on ongoing tariff uncertainty emanating from the US.
- Yesterday’s weaker than expected day due to USD strength was pushed aside as gold rallied throughout the day to reach new all time highs.
- Opening at US$2,815.41 gold’s fortunes continued to fall, reaching a low of $2,772.23; before a dramatic turnaround to touch $2,830.74.
- Gold gave back some of the gains to close it’s US trading day at $2,815.21 and continued to trade up during the Asian trading day reaching a high of $2,824.64, before declining back to $2,818.70
- There was some unexpected beneficiaries from the threatened tariffs on Canada with Canadian gold stocks rallying aggressively in Monday’s trading session.
- If the tariffs are fully implemented, there is a chance it is good for gold’s fortunes as a trade war could create inflation or could be dollar negative.
- Despite several materially down days, gold is already up over 6% in January and early signs are positive for ongoing gains in February.
