Gold looks set to end the year with double-digit gains and is likely to maintain its upward trajectory in 2020. At press time, the yellow metal is trading at $1477 per Oz, representing 15.25% gains on a year-to-date basis. Anything above 13.2% would be the biggest yearly gain since 2010 when prices had rallied by 29.6%. The year gone by will be remembered for the US-China trade war escalation, persistent recession fears and more importantly, for the US Federal Reserve’s remarkable dovish U-turn. The Fed had raised rates by 25 basis points in December 2018 and penciled in two rate hikes for 2019.
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