Gold prices soar as 2019 draws to a close
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Gold looks set to end the year on a high note with prices above the $US1500 ($2147.4) per ounce mark as investors marched back to their favourite haven due to ongoing uncertainty over trade talks and global growth.
This is well up from the price of $US1459.8 a month ago.
The precious metal has a tendency to rally towards the end of the year and 2019 looks to be another tick in that column.
Kitco reported that metals traders appeared to be focused more on positive consumer demand prospects for gold while investors appeared to be more optimistic about the outcome of trade talks between the US and China.
The news comes as the Department of Industry, Innovation and Science forecast in its latest Resources and Energy Quarterly report that Australia could become the world’s largest gold producer by the mid 2020s.
ASX gold stocks performed fairly well today with some notable standouts.
Amani Gold (ASX:ANL) jumped 100 per cent today on no news. However, the company had reported high-grade gold hits in mid-December that topped up to 27.3 grams per tonne gold.
Rimfire Pacific Mining (ASX:RIM) was also up 100 per cent today without any news.
Investors still think that Austral Gold’s (ASX:AGD) acquisition of the Casposo gold mine in Argentina is a good idea, with shares in the company rising 22.5 per cent today.