Gold’s price has soared to $1,500 an ounce on Wednesday, first in six years amid the growing fears brought by the clashing economy giants in the US and China.
During times like this, when global economics’ growth hangs in uncertainty, investors see gold as a safe haven for an investment and a nice-to-have asset for a struggling trade industry.
The ongoing US-China trade war caused several markets to cut interest rates, especially in the Asian region. The recent German decline in industrial production also worked for gold’s price to increase even more.
The spot gold price increased to 1.75% and making a 17% gain for this year.