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Gold Above $1,500, Duelling Stocks In Post-Christmas Show of Power

Investing.com - Gold continued its trek above the key bullish perch of $1,500 an ounce on Thursday as stocks on Wall Street continued their record highs on the reopening of U.S. markets from the Christmas break.

Gold futures for February delivery on New York’s COMEX settled up $9.60, or 0.6%, at $1,514.40 per ounce. It earlier hit $1,517.35, its highest level since Nov. 1.

Spot gold, which tracks live trades in bullion, was up $12.83, or 0.9%, at $1,511.43 by 3:30 PM ET (20:30 GMT). It earlier rose to a seven-week high of $1,512.62.

Gold has shown surprising strength in the final stretch of the year, returning to the $1,500 level even after the Federal Reserve's indication earlier this month to end rate cuts.

Some analysts have put the yellow metal’s strength down to the need for investors to continue having a hedge against U.S. stocks, which have been going gangbusters for months now.

In Thursday’s session, Wall Street’s tech-heavy Nasdaq Composite index set a record high above 9,000 points the first time ever while the S&P500 also reached new peaks after China said it in close touch with Washington over their purported phase one trade deal.

Spot gold is up nearly 18% for 2019, while gold futures have risen almost 16%.

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