Daily Market Report (21 Oct 2019)
- Gold has always been deemed as the preferred asset class amid high volatility between the equity and treasury markets. As a result, gold prices have had seen solid buying support with year to date gain of almost 16% to around US$1,500/oz which is a multi-year high.
- Though the level is still way below the high of US1,900/oz during the gold rush in 2012, it nonetheless has been steadily creeping up over the past few months.
- With market volatility not relenting anytime soon, we reckon there could be more upside for gold prices moving forward. Judging from the prevailing gold fever, we believe Bahvest which is producing gold in Tawau, Sabah should be in prime position to take advantage of the situation.
