A refinery technician puts a gold ‘button’ into a furnace to be further refined to form gold doré bars at Newmont Mining’s Carlin gold mine operation near Elko, Nevada, US, in this file photograph. Picture: REUTERS/RICK WILKINGGold rose on Monday as investors’ appetite for riskier assets faded on concerns about a potential US recession and decelerating global growth, increasing appeal for the bullion alongside yen and bonds.
Investors dumped shares and fled to the safety of bonds, while the Japanese yen hovered near a six-week high. “If data continues to be as weak as forecast then there is very good chance we could see significant higher gold prices,” McCarthy said, adding that the inversion of yield is a sign of concern.
Chicago Federal Reserve Bank president Charles Evans said on Monday that it is a good time for the US central bank to pause and adopt a cautious stance, adding that he did not expect any interest rate hikes until the second half of 2020.
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