Slowing global economic growth and escalating trade war between USA and China holds price of gold above psychological $ 1,500 level.
Price of gold rose especially after US president Donald Trump said of Friday last week, that his cabinet is still not ready to make a deal with China and talked very pessimistic about next meeting in September.
Since the beginning of this week, gold rose approx. by 1,8 % up to $ 1,524. Analysts also said that due to weak rebound in stock market, there is still space for gold to go higher. As global bond yields heading towards record lows, gold might move towards $ 1,600. Currently gold freshly hit its six-year high (from April 2013) and rose by 17 % this year.
Silver also benefits from rising risk tensions and economic slowdown. Currently silver rose by approx. 2,5 % and hit its highest level since June 2018. The price of silver now oscillating around $ 17,4 level. More negative surprises (financial or geopolitical) might drive up the value of precious metals even higher.