Gold barrels into 2019 as growth concerns spur demand for haven
Spot bullion is holding near a six-month high after topping $1,280 an ounce, and the metal is set for the best monthly gain in almost two years
Gold is closing out 2018 on a strong note, with haven demand in the ascendant amid volatile trading in global equities, rising concern about the economic outlook and a drawn-out government shutdown in the US. Spot bullion is holding near a six-month high after topping $1,280 an ounce, and the metal is set for the best monthly gain in almost two years. December’s rally has pared an annual decline, the first full-year loss since 2015. Gold gained ground this quarter as global equities plunged and doubts stacked up among some investors about the pace of global growth in 2019. The climb has been aided by a weakening of the dollar in December amid expectations that the Federal Reserve will dial back the pace of rate increases in 2019. That’s helped to boost holdings in gold-backed exchange-traded funds. “For gold prices, I think there is upside to be seen in 2019,” Jingyi Pan, market strategist at IG Asia, told Bloomberg TV on Monday, citing prospects for fewer tightening moves from the ...
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