Fundamental Comment

Gold set for the best annual performance since 2010

Gold set for the best annual performance since 2010

Gold prices rose during Tuesday’s trading to record the highest level in more than three months, heading to its best annual performance in 10 years.

As of 10:02 GMT, spot gold hovered around $1,523.79 an ounce, where the precious metal hit the highest level today at $1525.28, which considered the highest level since September 25.

Gold remained above $1,500 an ounce, hitting a 19 percent rise this year, the biggest since 2010, amid concerns about the global economic growth and the final details of the US-China trade deal.

The yellow metal advanced despite the nearing of the first phase of the U.S.-China trade deal, which should reduce the appetite for safe havens.

On the economic front, the United States is scheduled to release house price and consumer confidence data later in the day.

In addition, Chinese data today revealed the stability of industrial activity in China with the decline in the performance of the service sector, but overall both sectors within the scope of expansion.

On the trade front, White House trade adviser Peter Navarro said Monday that the phase one deal is likely to be signed next week.

As for other precious metals, silver rose 0.84 percent to $18.07 and heading for its best annual performance since 2010, after recording about 17 percent increase during the current year.

Platinum gained 0.96 percent to $974.85 and is heading for a 23 percent gain for the year, the best annual performance since 2009. Palladium is also up by 0.42 percent at $1,888.35 per ounce.

Meanwhile, the main dollar index, which follows the performance of the U.S dollar against 6 major currencies, slumped by 0.16 percent at 96.25.

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