Gold hits $1500 on Christmas eve as recession fear persist amid moot trade deal


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Gold hits $1500 on Christmas eve as recession fear persist amid moot trade deal

Precious gold futures’ prices surged more than 0.93 per cent on Tuesday, the 24th of December 2019, to wind down the day at $1499.30 per ounce after breaching $1500 an ounce level for the second time this year, a rare circumstance which had never been witnessed in more than six and a half years, as investors’ demand appeared to be growing for the precious metal amid an inconclusive Sino-US trade deal, which many analysts making a mockery out of it had labelled rather as a trade truce than a formal trade deal.

Aside from that, since an interim Sino-US trade deal seemed to have botched to regain investors’ confidence, recession frets persisted, continued to take heavy toll on investors’ confidence, and kept goading a rally of the precious metal, although global money markets had been hovering near their record closing highs in such a complicated mechanism which remained as a thorn in the analyst’ flesh throughout the year.

On top of that, a hard-pressed corporate investment across the globe, a number of major economies failing to generate growth momentum alongside half of the world’s economies being meshed underneath a contraction, appeared to have galvanized the recent leg of rally of the precious metals.