Investing.com – Gold prices kept going up on Tuesday morning in Asia. U.S. rose 0.23% to $1,518.60 per ounce by 7:55 PM ET (12:55 AM GMT).
As this week is shortened by a holiday, trading volume of gold is projected to be lower than the average. This may result in more fluctuation in the prices.
Investors tend to be more cautious amid global economic uncertainties such as Sino-China trade phase one deal, the U.S. presidential election next year, and Brexit of the U.K. The geopolitical tensions affect the year-end rally in gold prices.
The yellow metal prices will possibly keep rising at least until early 2020, analysts say.
“Signs of stability in global growth along with a phase one trade deal between the world’s two largest economies has alleviated global recessionary fears whilst prompting a renewal in risk appetites. Gold as a non-interest yielding asset will face considerable headwinds as markets contemplate fading downside risks and softer geopolitical overtones.” Benjamin Lu, analyst at Phillip Futures, noted in a recent report.
“Gold prices will likely ease bullish gains amid heightened market optimism for 1Q 2020.” Lu added.
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