US Equities may be losing, but Gold hits 6-month high

Andamento del mercato - 02/01/2019

Gold improved for the last 5 straight days while stocks noted further declines following the poorest year in a decade. Investors are now considering to act with less aggressiveness due to Asia and the U.S. trade war and the concerns about the US government shutdown.

The yellow metal scored a half year high near the important level of $1,300 an ounce. Many technical indicators, on the other hand, showed a possibility for a retracement after the recent profits. The increase appeared while new numbers revealed that China's production is contracting. Gnanasekar Thiagarajan, an executive at Commtrendz Risk Management Services, said “Most people are moving toward safe-haven assets, such as gold, because of the volatility in the equity markets,” and added that the U.S. shutdown “will only further create more uncertainty, so that will be supportive.”

On Wednesday the increase appeared even while President Donald Trump indicated the chance of securing a settlement to stop the partial U.S. government shutdown. Jasper Lawler, of London Capital Group, stated in a letter “Gold is holding onto six-month highs supported by the prospect of fewer Fed hikes and a softer dollar, concerns over slowing economic global growth and wild swings in the stock market,” “An increasing amount of data is pointing to the Chinese economy losing steam.” The Spot gold was at its highest level since June 15, rose almost 0.5% to $1,287.40 an ounce and traded at $1,285.90 early morning London time according to Bloomberg. In December, gold got the highest quarterly increase since 2017.

Gold rose in the last part of last year while traders prepared for a global economic retraction, with fewer rate hikes expected from the U.S. FED.

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