Gold has surpassed the S & P 500 Index by 11 percent in 2017, due to the rising demand for safe-haven assets. Gold has surpassed US stocks this year, with an increase in demand for safe haven assets. The possible warfare between the United States President Donald Trump and North Korea is also effective on this increase.
Spot gold price left the S & P 500 Index behind with an 11 percent rise in 2017. Gold increased 0.2 percent at 11:00 am London time after seeing its highest level since June 14 and traded at $ 1,279.20 per ounce. Gold price have been around $ 1,296 per ounce in April and June before it began to stretch.
UBS noted that it can withdraw new purchases if gold exceeds $ 1,280. UBS, gold in the case of exceeding $ 1,280 noted that you can withdraw new purchases.
UBS analyst Joni Teves stated in a report on 9th August that the speculative positions in the Comex market have continued to increase in the last few weeks, with general levels remaining. This year’s stagnant participation and underlying positioning shws that market participants are going to have to make a bullish move in the direction of upward bullishness if they are breaking upward. Teves added that the potential for risk for the rally underneath could be recovering at full capacity.
According to the United States Commodity futures commission, money managers increased the number of long positions below its net long position by 64 percent to a level of 122,773 at the last week of July. As a result, spot gold price surpassed $ 1,280 for the first time since 14 June on Thursday. On the other hand, the Bloomberg Dollar Spot Index fell 8.4 percent this year.