Gold and related exchange traded funds are among the few areas that investors found refuge in as U.S. equities suffered through their worst Christmas Eve ever.
On Monday, the SPDR Gold Shares (NYSEArca: GLD) gained 1.1%, iShares Gold Trust (NYSEArca: IAU) added 1.0% and Aberdeen Standard Phys SwissGold Shr ETF (NYSEArca: SGOL) rose 1.1%, breaking back above their long-term trend line at the 200-day simple moving average, as Comex gold futures were 1.2% higher to $1,273 per ounce.
Additionally, gold miners were also rallying off the strength in gold bullion on Monday, with the VanEck Vectors Gold Miners ETF (NYSEArca: GDX) up 3.4% and the U.S. Global GO GOLD and Precious Metal Miners ETF (NYSEArca: GOAU) 2.7% higher. GDX was also testing its long-term resistance at the 200-day simple moving average.
Gold hit a six-month peak Monday as stock investors turned risk off on mounting concerns over a global economic slowdown.
“Gold has continued to be firm here in the course of equity market weakness and an ongoing bevy of factors that are concerns for the market such as trade wars, interest rate hikes and others,” David Meger, director of metals trading at High Ridge Futures, told Reuters.