Phil Carr
The Gold & Silver Club
Gold prices rose to more than a one-week peak on Monday in low-volume trading ahead of the Christmas and New Year holidays, as uncertainties over the Sino-U.S. interim trade deal lingered.
Gold, considered a safe investment in times of political and economic uncertainty, is set to register its best year since 2010.
Bullion was supported by key central banks cutting interest rates on the backdrop of the 17-month long tariff war and its impact on economy.
Indicative of sentiment towards bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.3% to 885.93 tonnes on Friday.
Hedge Funds and Money Managers also increased their bullish positions on COMEX gold and silver contracts in the latest week.
The United States and China have still not signed a 'Phase-1' deal and tensions in the Middle east are contributing to gold's appeal.
Elsewhere, platinum gained 2.4% to $937 an ounce, while silver rose 1.5% to $17.42 having earlier risen to its highest since Nov. 7.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions.
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