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Gold back above $1,520, gains as much as 18% for 2019

Section: Daily Dispatches

From, Nicosia, Cyprus
Tuesday, December 31, 2019

Gold capped out an unusually strong finish to 2019 despite the absence of more U.S. interest rate cuts. The yellow metal hit more than three-month highs today and finished the year with double-digit gains as investors sought the safe haven as a hedge to the U.S.-China trade war and other global troubles.

Gold futures for February delivery on New York's Comex settled up $4.50, or 0.3%, at $1,523.10 per ounce. It hit a session high of 1,528.25 earlier in the day, a peak since late September.

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Spot gold, which tracks live trades in bullion, was up $5.56, or 0.4%, at $1,520.58 by 2:52 p.m. ET after an 11-week high of $1,525.32 earlier.

Gold futures ended the year 16% higher, while bullion rose 18%.

While the U.S.-China trade dispute itself could have a preliminary closure with a phase one slated for signing in mid-January, according to President Donald Trump, gold's allure is by no means over, traders said. ...

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