Gold Tops $1,300/oz As Trade Wars Escalate and Increased Risk of U.S. War With Iran

* Gold sees safe haven demand push it to highest in one month as it breaches key $1,300/oz and £1,000/oz levels

* U.S. China trade wars escalates as China retaliates and imposes tariffs on $60 billion of U.S. goods

* Increased risk of war in Middle East after U.S. alleges Iran bombed Saudi oil vessels destined for the U.S.

Gold in USD – 1 Year

Gold prices held steady near one-month highs today as an escalation in Sino-U.S. trade war saw increased risk aversion and sharp selling of stocks which sent investors into safe haven gold.

Increasing tensions in the Middle East are likely also leading to safe haven demand, particularly in the region. The U.S. appears to be inching towards war with Iran and unnamed US military officials have accused Iran of using explosives to blow holes in US-bound Saudi oil tankers in alleged sabotage attacks by Iran.

Asian shares extended losses today, following sharply lower U.S. stocks on Wall Street overnight after China announced retaliatory tariff-hike to counter Trump’s aggressive tariffs.

European shares have eked out small gains this morning despite the heightened trade, economic and geopolitical risks.

We believe that given the deteriorating trade, economic and geopolitical outlook, we may be in for a period of market volatility and risk aversion. Gold will again act as an excellent hedge for investors and is likely to eke out further gains in the coming months.

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News and Commentary

Gold tops $1,300 for highest finish in a month, as U.S. stock market drops on trade tensions

Gold eyes best day in 3-months as China hits back over U.S. tariffs

Trump says he will meet with Xi and Putin at G20

Wall Street dives as U.S.-China trade war escalates

Metro Bank tells UK customers their deposits are safe

Federal Spending Sets Record Through April: $2,573,708,000,00 

Is US-China trade war eroding U.S. dollar dominance?

Top Iranian Official Taunts: US “Not Ready For A War, Specially When Israel Is Within Our Range”

Saudi Arabia Says Two Oil Tankers Attacked Amid Rising Iran Tensions


Mark O'Byrne

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