Gold Trading at Five-Years High Amid Increased Global Tension
- Trade Magnates Team
- Jun 21, 2019
- 1 min read
Gold prices had rallied up reaching five-years high trading above $1400. The global tension and trade wars had a direct impact on the market volatility increasing the demand on the safe haven metal which was boosted by the USD weakness as well.
It’s a known fact that gold prices are driven by the global events. When there is tensions and uncertainty in the markets, investors head to the safe haven increasing the demand and the yellow metal prices.
After being accused of shooting two oil tankers, Iran has admitted shooting down a US drone which triggered an instant “tweet” from the US President, Donald Trump saying that Iran has made a very big mistake.
With the market instability and the recent Fed announcements that sounded to be turning Dovish. Gold prices are expected to go even higher in the coming 12 months. Will we see the gold reaching the $1500 mark?
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