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Investing.com – The gold bug isn’t giving up. Prices of the yellow metal hit four-month highs on Thursday, continuing their modest but persistent rise into 2020, as investors’ need for a hedge against the risks of the equities rally intensified.

Both futures and cleared the $1,520-per-ounce bar on Thursday, solidifying their hold on the $1,500 perch, as stocks on Wall Street again hit record highs in anticipation the U.S.-China trade deal will be signed in less than two weeks.

for February delivery on New York’s COMEX settled up $5, or 0.3%, at $1,528.10 per ounce. It hit a session high of $1,533.95 earlier in the day, a peak since Sept. 6.

, which tracks live trades in bullion, was up $9.50, or 0.6%, at $1,526.39 by 2:00 PM ET (19:00 GMT), after a peak at $1,531.44 earlier.

“As we see, you can’t count out gold with stocks going higher and higher,” said George Gero, precious metals analyst at RBC Wealth Management in New York. “Also, with China’s looser monetary policy today, investors’ move toward gold isn’t surprising.”

All three of Wall Street’s major indexes hit record highs on the first trading day of 2020, extending their rally from last year, in anticipation that a preliminary U.S.-China trade deal will be signed in less than two weeks. Aside from the phase one deal, stocks were also boosted by news that China had trimmed the reserve requirement of its domestic banks, freeing up the equivalent of $115 billion in liquidity.

Gold prices have risen since early December as investors sought a hedge to the streak of record highs on Wall Street. Bullion and have tacked on more than $65 an ounce over the past three weeks to reclaim the bullish $1,500 perch, despite the Federal Reserve indicating in early December a halt to rate cuts reintroduced after a four-year hiatus.

ended 2019 up 16% while bullion rose 18%.

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