Breaks 6-year downtrend
On Tuesday, the return of the safe haven buyer and a weaker US dollar combined to lift the metal to its highest level since the election of Donald Trump on November 8, reports Mining.com.
Gold's recovery – up $80 an ounce in less than a month – was given fresh impetus by disappointing US jobs numbers released on Friday that hurt the US dollar and clouded the outlook for GDP growth in the world's largest economy. The weaker than expected data also put equity markets on edge which have been trading at record levels.
Mounting geopolitical worries including upcoming elections and terrorist attacks in the UK and an escalating row between Saudi Arabia and the tiny state of Qatar drawing in the US and regional powers provided further buying momentum.