Gold reaches its highest level in more than 6 years
Economy News _ Baghdad : Gold prices hit their highest level in more than six years on Tuesday as investors shied away from riskier assets due to concerns surrounding Hong Kong protests and the collapse of the Argentine currency amid fears of a global economic slowdown.
By 0518 GMT, spot gold rose 0.3 percent to $ 1515.56 an ounce, after hitting its highest level since April 2013 at $ 1518.03.
US gold futures rose 0.6 percent to $ 1,526.90 an ounce.
Hong Kong, the world’s busiest airport, was shut down on Monday. The protests began in protest at a bill that would allow suspects to be handed over to China for trial, but expanded to include broader calls for democracy.
On the other side of the world, fears of a possible return of interventionist policies dominated the Argentine market after President Mauricio Macri lost a margin beyond expectations in the presidential primaries.
Those uncertainties, along with fears of a protracted China-US trade war, have shaken financial markets and pushed investors into safe-haven assets.
Gold, along with the Japanese currency and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty. The yen held near a seven-month high against the dollar.
For other precious metals, silver rose 1.4 percent to $ 17.29 an ounce. It reached its highest level since February 2018 at $ 17.36.
Platinum rose 1 percent to $ 860.75 and Palladium gained 0.8 percent to $ 1,439.11 an ounce.