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Gold prices surged to their highest level in five years after the United States Federal Reserve signaled an imminent reduction in its benchmark interest rate. According to Bloomberg, the spot gold price rose 2.5% to US$1,394 per ounce on Thursday (June 20). This is the highest level since September 2013.
Meanwhile, the August 2019 gold futures contract reached US$1,397 per ounce. Demand for gold, a safe haven asset, increased as investors worried about a global economic slowdown. Uncertainty caused by US President Donald Trump's policies regarding the trade war with China also fueled demand for gold.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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