The broader commodity markets have taken it on the chin recently.
But, gold has managed to outperform the overall commodity market and while the yellow metal may be stuck in a range, it is still holding onto gains for the year.
Despite the generally bleak outlook for a number of major commodity markets, gold has been a relative outperformer. Rising geopolitical tensions in more than one hot spot around the globe are supporting the safe-haven bid into the yellow metal. Meanwhile, tensions with Russia continue to escalate on both the military and the economic front, amid fears that the country could increase its ban on agricultural imports to other sectors possibly including cars, shipping and aerospace.
Trade stoppages, no matter the reason behind them, ultimately end up weighing on economic growth. Add in some concerns about the overheating property market in China and gold has ultimately been supported on dips in recent weeks for a number of global and macro factors.
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