On Monday, gold reached to its fresh all-time high breaking the previous record of $1921.17 set on September 2011, led by the high tensions between US-China when both the nations, in a tit for tat move, ordered to close the consulates in each other countries, which compelled the investors to turn to gold as a safe-haven asset. However, the market sentiments were mixed due to some stocks still on an uptrend, particularly Asian tech shares.
Asia’s third-biggest organisation by market cap, TSMC, surged around 10%, which led the MSCI’s ex-Japan Asia-Pacific index, aggregate market measurer, grow by almost 1.3%. Taiwan’s chipmaker company, TSMC, gained after the tech pioneer, Intel, announced that they would not be able to launch the next-gen 7-nanometer processing chip until 2022, delaying the process by six months to one year. In response to this, other tech stocks in Asia also got a boost in the prices.
China’s CSI300 Index also rose by 0.5%, soothing the traders’ sentiments, after a big continuous fall last week.
On Monday, Gold touched $1923.20 per ounce, creating a new all-time high and amid all this, silver is also not behind the yellow metal and jumped more than 15% last week, its highest after 2008. The investors are looking for safe investments, particularly that assets which are not linked to any country and in it, both metals seems a lucrative investment.
Globally, every market last week saw a downturn after the US ordered China to shut its Houston’s consulate and in response, China reverted by asking the US administration to close its consulate in the south-west city of Chengdu.