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GOLD: Another New High for Gold. 

GOLD
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  • China retaliated in the trade war yesterday as Beijing announced tariffs on energy imports, oil, agricultural equipment, announced key US companies were to be place on a blacklist and that Google were to be investigated for anti-trust violations.
  • Whilst the tariff news was brushed off by many equity markets, the USD weakened, giving room for gold to rally.
  • Having hit new on Monday, gold’s good run continued reaching yet another all time high.
  • Gold had closed Monday night at US$2,815.21and was range bound in early trading before rallying hard into the second part of the trading day reaching a high of $2,845.35, and closing at $2,842.71.
  • Gold enjoys ‘safe haven’ status as an asset, and investors typically buy it in volatile times.
  • Equally gold performs well in a rate cutting environment or times when the USD weakens, as seen overnight.
  • The day ahead for gold will ebb and flow on any new headlines on tariffs.
  • With China back today for the first time since the Lunar New Year holiday, the likelihood of further reactions or announcements remains high. 
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  • China retaliated in the trade war yesterday as Beijing announced tariffs on energy imports, oil, agricultural equipment, announced key US companies were to be place on a blacklist and that Google were to be investigated for anti-trust violations.
  • Whilst the tariff news was brushed off by many equity markets, the USD weakened, giving room for gold to rally.
  • Having hit new on Monday, gold’s good run continued reaching yet another all time high.
  • Gold had closed Monday night at US$2,815.21and was range bound in early trading before rallying hard into the second part of the trading day reaching a high of $2,845.35, and closing at $2,842.71.
  • Gold enjoys ‘safe haven’ status as an asset, and investors typically buy it in volatile times.
  • Equally gold performs well in a rate cutting environment or times when the USD weakens, as seen overnight.
  • The day ahead for gold will ebb and flow on any new headlines on tariffs.
  • With China back today for the first time since the Lunar New Year holiday, the likelihood of further reactions or announcements remains high.