Gold is finally gaining the traction needed to boost prices to a level not seen since 2013 as concern mounts over increased trade war tensions and the global growth outlook.
Bullion may touch $1 400/oz this year as investors hedge risk, according to Rhona O’Connell, head of market analysis for EMEA and Asia regions at INTL FCStone. Spot prices jumped to a 13-month high of $1 348.31 on Friday after a weaker-than-expected US jobs report for May. Futures on the Comex in New York briefly surged above $1 350.