2019.08.2806:35:00UTC+00Gold Holds Steady Near Six-year High

Gold prices held steady near a six-year high on Wednesday, after climbing over 1 percent the previous day on concerns of a looming recession.

Spot gold was virtually unchanged at $1,542.42 per ounce, after hitting as high as $1,554.56 on Monday, its highest level since April 2013. U.S. gold futures were marginally higher at $1,552.35.

Gold prices remain supported by uncertainty over future developments in the U.S.-China trade conflict in the wake of mixed signals from both sides.

Investors await the next development in the trade saga amid concerns an escalation of the trade war could plunge the global economy into a recession.

The euro area's government bond yields edged back towards record lows today after a widely-watched gauge of the U.S. Treasury yield curve inverted further on Tuesday.

Meanwhile, Japan's trade and diplomatic dispute with South Korea escalated sharply, with the latter summoning Japan's ambassador to protest a decision to remove Seoul's fast-track export status.