Economics
With Turmoil Rampant, Gold Targets $1,300 as Gloomy 2019 Beckons
- Bullion hits highest level since June as haven demand expands
- There’s ‘uncertainty and gloom,’ Phillip Futures’ Lu says
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Gold is closing out 2018 with a flourish. Prices are poised for the biggest monthly gain in almost two years as concerns about next year’s economic outlook, volatility in global equities and a government shutdown in the U.S. spur demand for the metal as a haven.
Spot bullion hit a six-month high on Friday, topping $1,280 an ounce, as investors favored defensive assets, adding to holdings in exchange-traded funds over the month. Silver rose to the highest since August as it approaches its 200-day moving average, which could trigger further technical buying.