Bloomberg is reporting that there is a tangible ‘shift in attitude’ towards gold as investors feel increasingly unnerved by social media posts issued by President Trump. “Donald Trump’s tweets are keeping global financial markets on edge,” Markets correspondent Marvin G Perez says, “and many investors are opting for gold as a refuge.”
Unease in the Middle East as well as the US-China conflict has pushed up prices Perez notes, with outstanding futures contracts also conspiring to push gold to its highest rate in almost two months at the start of this week.
Despite since dropping, Bloomberg quotes senior vice president of broker Zaner Group as noting a change in attitude towards gold with investors now seeing it as a safe harbour. Analyst Naeem Aslam from ThinkMarket is also quoted in the Bloomberg piece, advising, “The dollar is back in green and this has pushed the gold price lower, but I think this is only temporary because investors are largely concerned about the trade-war issue. Any pull back could be an opportunity to buy.”