8/7/2019, 2:34 PM (Source: TeleTrader)
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Gold eyes $1,500; silver reaches $17 per ounce

Gold surged on Wednesday as stock indexes on Wall Street threatened before the opening bell to surrender what little ground they recovered yesterday from a string of five or six sessions with losses.

The yellow metal was looking to hit $1,500 per ounce for the first time since April 2013 and spot silver touched $17 for one troy ounce, its highest level since June 15, 2018. Traders turned to safe havens, burdened by concerns about the possibility of a global currency war as the United States designated China with the status of a manipulator after the yuan surpassed the level of seven per dollar.

Gold jumped 1.24% to $1,492.71 per ounce at 2:31 pm CET after climbing to as high as $1,499.35. Silver rallied 2.77% to $16.9 compared to the session. Platinum and palladium lagged as markets digested statistical data which showed Germany's industrial output fell 5.2% on an annual basis in June, the most in almost a decade. The materials with major use in the automotive industry were flat at $852.78 per ounce and down 1.54% at $1,421.98, respectively.

Baha Breaking the News (BBN) / IT