December 24, 2019
International spot gold price hit 1-1/2 months peak on soft economic data out of the US. Interim US-China trade deal give support to gold, a safe haven bullion.
Gold is currently trading at #1491 per ounce, about 0.3% higher and have better chance to touch $1498 or $1506.
Data on Monday showed new orders for key U.S.-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.
Investors waiting for further developments on the phase one deal between two biggest economies. Gold is considered as safe-haven investment during political or financial uncertainty.
Due to 17-months tariff dispute, gold gains about 16% in current year, best performance in a year since 2010. Trading is expected to be slow in many financial markets because of Christmas holidays ahead.