Gold breaches $1,550 mark for first time in over six years

Gold prices jumped more than 1 per cent to surpass the $1,550 per ounce mark for the first time in more than six years yesterday as investors flocked to safe haven assets driven by the heightened U.S.-China trade dispute. Spot gold was up 0.3pc at $1,530.20 per ounce as of 1309 GMT, after hitting its highest since April 2013, at $1,554.56 earlier in the session.

US gold futures were steady at $1,538.90. Reflecting increased investor interest in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.6pc to 859.83 tonnes on Friday.

Elsewhere, silver jumped 1.3pc to $17.62 per ounce after hitting its highest since September 2017 at $17.77 earlier in the session. Platinum rose 0.3pc to $856 an ounce and palladium climbed 1.1pc to $1,477.