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Gold prices surged more than 2% Wednesday, breaking the $1,500-an-ounce mark for the first time in more than six years as investors flocked to hedge assets amid uncertainties such as the trade war between China and the United States and the slowing global economy.
Precious metals other than palladium and gold have also followed the rise in gold prices, with silver breaking through the $17 per ounce mark for the first time in more than a year.
"There are many underlying reasons behind the strength of gold prices, which are driving gold prices to continue to rise on the basis of today's breakthrough of $1,500. Obviously, hedge products have always been the main players in this show, "said David Meger, head of metal trading at High Ridge Futures.
Spot gold rose 2% to $1,503.56 an ounce at 1804 GMT, hitting $1,510 in midday trading, the highest level since April 2013.
U.S. gold futures rose 2.4% to close at $1,519.60 an ounce.
Meger added that central banks'easing monetary policy, increasing their gold reserves, weak global economic data and continued trade tensions are driving up gold prices.
The rise in gold prices was also driven by the decline in U.S. bond yields and U.S. stocks, with the Dow Jones Industrial Average plunging more than 300 points.


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