Gold Tops $1,500 -Wall Street Journal
"Gold prices topped $1,500 a troy ounce for the first time in six years, driven higher by a drop in bond yields and investors’ flight from global stocks...Prices traded as high as $1,522.70 a troy ounce earlier in the session. Stoking the gains are renewed concerns that an intensified trade war between the U.S. and China will hurt already fragile global growth.
Recent economic data has further fueled those fears - German industrial production figures for June, reported Wednesday, were much weaker than analysts expected, a sign that Europe's largest economy continues to struggle. U.S. stocks were down sharply in recent trading, with the S&P 500 falling around 0.8%. Government bond yields around the world slid further on Wednesday after interest-rate cuts by three central banks exacerbated investors' fears of slowing growth around the world, with the yield on 10-year Treasurys breaking below 1.6% earlier in the session....A popular destination for nervous investors, gold tends to attract buying during times of economic or political uncertainty. Prices are up more than 18% this year....'The collective mood is one where the trade war has taken on a different life,' said Ira Epstein, a strategist with Linn & Associates. 'There’s a lot of fear out there.'"