Gold trades at the highest level since February 2013. Yellow metal draws bids despite the strength in the US dollar. The dollar is finding love, possibly due to increased haven demand for the US government paper. Gold is flashing green for the fourth straight day and is currently trading at $1,624, the highest level February 2013. The anti-risk yellow metal continues to draw bids from retail investors and hedge funds despite the headwinds from other markets. Gold ignores dollar rally Gold is currently reporting 7% gains on a year-to-date basis. Meanwhile, the dollar index, which tracks the value of the greenback against majors, has gained 3.5% so far this year. Dollar strength usually hurts gold. This time, however, the rally in the greenback has failed to deter investors from pouring money into the yellow metal, possibly because the strength in the US dollar is likely a result of increased demand for US treasuries. The classic haven assets like gold and treasuries have found love amid the coronavirus outbreak in China and the fears of the virus spreading to other parts of the world, leading to a sharp slowdown in global growth. Gold’s bullish momentum will likely strengthen further if the preliminary German PMIs for February, due at 08:30 GMT, miss expectations by a big margin, bolstering recession fears. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next Bitcoin Price Prediction: BTC/USD bulls keep the price above $9,600 FX Street 2 years Gold trades at the highest level since February 2013. Yellow metal draws bids despite the strength in the US dollar. The dollar is finding love, possibly due to increased haven demand for the US government paper. Gold is flashing green for the fourth straight day and is currently trading at $1,624, the highest level February 2013. The anti-risk yellow metal continues to draw bids from retail investors and hedge funds despite the headwinds from other markets. Gold ignores dollar rally Gold is currently reporting 7% gains on a year-to-date basis. Meanwhile, the dollar index, which tracks the value of the greenback against… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
