As 2019 comes to an end, let’s take a look at how gold price has performed. Looking back, 2019 will be remembered for a year of great uncertainties. The protracted trade war between US and China continued to rattle global economy. Brexit continued to drag on at this point of writing. And then the civil unrests in Hong Kong exploded out of nowhere in the middle of the year.
Amid the turmoil, gold price went on a rampage to reach a euphoric high of USD1544 per ounce on 3 September 2019. This is a remarkable surge of 20% since January 2019. Of course, this was still way off the peak of USD1900 per ounce seen in 2011, but current form of gold price reflected the resilience of the yellow metal.
Since the high seen in September, gold price had cooled off quite a bit. But a few factors could provide critical support for gold price in the coming months.
Gold price rally to continue?
It remains to be seen whether the rally for gold price will continue right into 2020. But the macroeconomic condition certainly lend support for continued momentum in gold price. Global trade tensions have not reduced and …