Asian markets have sank pushing the gold to record in six years highs, as panicked investors seek safe havens for their assets after President Trump proved he is ready to further escalate the raging US-China trade war.
Gold spiked to as much as $1,565 an ounce Monday morning– the highest since April 2013 and a 20 percent surge this year alone – as the trade war between Washington and Beijing intensified on Friday sending stocks, bonds and commodities tumbling down.
As a result, Asian markets opened deep in red. Japan’s Nikkei was down over 2 percent as Hong Kong’s Hang Seng s lumped by over 3 percent. Meanwhile, the Shanghai Composite fell by 1.4 percent, just as Australia’s S&P/ASX 200 dropped by 1.5 percent.
“With signs of economic turmoil, we have seen a shift towards safe haven assets like gold,” Madhavi Mehta, analyst at Kotak Securities Ltd, told Live Mint. “Gold and the equity market generally have a negative correlation, so with increasing uncertainty about global equities, optimism about gold has risen.”
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