Gold jumps to six-year high
The price of gold has risen to above USD 1400, the highest level in over six years. Two factors seem to contribute to the recent rise. First, the Federal Reserve is very likely to start cutting rates as early as July. Historically, gold has performed reasonably well at times of looser monetary policy by the Fed, as this pressured the value of the US dollar. Next to that, economic and political tensions remain abundant, with an extreme focus on the G20 meeting this weekend. Odds of a decent trade deal between China and the US have decreased and political tensions surrounding Iran are increasing. Gold is surely living up to its safe haven status in recent days.
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