Gold Price Hits 6-Month High On China And Ukraine Concerns

Summary

This week GOLD PRICE soared to Six-Month highs on Friday as fears of economic slowdown in China and lingering worries about Russia's standoff with Ukraine continue to boost safe-haven demand. On the open of the New York Trading Session Gold prices hit $1387 an ounce – to record Gold’s best run of weekly gains since August 2011. Since Gold’s low of $1185 an ounce, prices have gained 17.04% YTD since the start of 2014. Gold is one of the top four high performing commodities of 2014. (1st Place: Coffee +53% YTD. 2nd Place: Natural Gas +43% YTD. 3rd Place: Corn +24% YTD). Gold continues gain over Worries that China's first bond default and weak export data earlier in the week have stoked concerns about the health of the world's second-largest economy. Amid concerns about the Chinese economy, the geopolitical tensions between Russia and Ukraine is driving for gold as demand as a safe haven. As we enter the weekend, Ukraine's Crimean region is preparing for a March 16 referendum on splitting away from the Ukrainian region and joining Russia. This could spur further demand for safe-haven assets as we move into next week. The big question now is: Will Gold price continue to soar next week on safe-haven demand? Watch Phil and Nik as they review the commodities markets, analyse charts in real-time and provide a trading plan for the week of 24th - 28th February 2014.