The cost of gold futures on the Comex exchange increased by 1.17%, reaching $1,501.6 per ounce, according to trading data. Its the first time that gold has trade above $1,500 per ounce since April 2013.
The rise in gold prices continues against the backdrop of a developing trade war between the United States and China. More and more investors are choosing to place their money in defensive assets, resulting in a ‘flight to quality’ and rising precious metal prices.
As a result, in recent days, December futures for gold have been selling for $ 1,503.3 per ounce.
In January 2019, the US had the largest gold reserves in the world with 8,133 tons while Russia was in fifth place with 2,066 tons, according to the World Gold Council.