Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Gold Back Above $1,520; Gains as Much as 18% for 2019

CommoditiesDec 31, 2019 03:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - Gold capped out an unusually strong finish to 2019 despite the absence of more U.S. interest rate cuts. The yellow metal hit more than three-month highs on Tuesday and finished the year with double-digit gains as investors sought the safe haven as a hedge to the U.S.-China trade war and other global troubles.

Gold futures for February delivery on New York’s COMEX settled up $4.50, or 0.3%, at $1,523.10 per ounce. It hit a session high of 1,528.25 earlier in the day, a peak since late September.

Spot gold, which tracks live trades in bullion, was up $5.56, or 0.4%, at $1,520.58 by 2:52 PM ET (19:52 GMT), after an 11-week high of $1,525.32 earlier.

Gold futures ended the year 16% higher, while bullion rose 18%.

While the U.S.-China trade dispute itself could have a preliminary closure with a phase one slated for signing in mid-January, according to President Donald Trump, gold’s allure is by no means over, traders said.

“There are just too many variables out there that require a hedge and gold is the best safe haven to provide that now,” said George Gero, precious metals analyst at RBC Wealth Management in New York.

The dollar fell to a three-week low on Monday as more investors withdrew from the currency that had become an indirect bet against the U.S.-China trade war. Trump said in a tweet on Tuesday that the phase one of the U.S.-China deal will be signed at the White House on Jan. 15 and that he will travel to China to discuss the second phase.

Gold also had a late rally in the year as investors plowed into the yellow metal as a hedge agianst the overflowing risks on Wall Street where stocks had been hitting one record high after another. Bullion and gold futures have tacked on more than $65 an ounce over the past three weeks to reclaim the bullish $1,500 perch and progress from there, despite the Federal Reserve indivating in early December a halt to rate cuts reintroduced after a four-year hiatus.

Stocks on Wall Street slipped on Tuesday, ending a streak of record highs ahead of the New Year’s Eve as investors took profit on news of the imminent U.S.-China signing.

Gold Back Above $1,520; Gains as Much as 18% for 2019

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email