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NEW YORK (Reuters) – Prices reached their highest level in more than six years on Tuesday, as investors avoided risking the risk of Hong Kong protests and the collapse of the Argentine currency, fearing an economic slowdown world.
At 5:18 am GMT, spot trading rose 0.3% to $ 1,515.56 an ounce, after reaching its highest level since April 2013 at $ 1,518.03.
US gold futures rose 0.6% to $ 1,526.90 an ounce.
Hong Kong, the busiest airport in the world, was closed Monday. The demonstrations began in protest against a bill allowing the return of suspects to China for trial, but expanded to include wider calls for democracy.
On the other side of the world, fears of a possible return of interventionist policies have dominated the Argentine market, with President Mauricio Macri having lost a margin higher than expected during the presidential primaries.
These uncertainties, as well as fears of a protracted trade war between China and the United States, shook the financial markets and pushed investors toward safe haven assets.
The gold, along with the Japanese currency and the US Treasuries, is considered a relatively safe investment in times of political and financial uncertainty. It has stabilized near a seven-month high against the dollar.
For other precious metals, they rose 1.4% to 17.29 dollars an ounce. It reached its highest level since February 2018 with 17.36 USD.
It increased 1% to 860.75 dollars and 0.8% to 1439.11 ounces.
(Prepared by Moataz Mohamed for the Arab Bulletin)
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