Gold Surges as US Faces Escalating Tensions Home and Abroad

June 1st, from WikiFX news. The escalating protests in US fueled markets risk-aversion, injecting strong momentum into the gold market that pushed gold to surge above the key 1740 right after opening.

After a black man George Floyd was killed to police brutality of a caucasian police officer in Minnesota, the resulting protests kept on escalating, which turned the market risk-off.

According to Kitcos weekly gold survey released on Friday(May 29th),gold price is expected to go on rising this week. Phil Flynn, the Senior Market Analyst of Price Futures Group, observed that gold will keep climbing, saying that the growing tension between US and China and continuous economic stimulus across the globe will give gold more upward momentum.

Bart Melek, Head of Global Strategy at TD Securities, said that gold prices will continue to fluctuate within the low at US$ 1689-88 and the high end at US$ 1758-60.