It is quite clear that the trade war is having opposite impacts on gold and oil prices. The barrel is a victim of this scenario: the price has collapsed last week and has been unable to recover in the last few days as investors see further risks and the possibility of a serious impact on world economic growth.
On the other hand, gold reached yesterday a fresh 6-year peak. Bullion is taking advantage of this complex scenario, with investors betting on the precious metal given the growing risk associated to the trade war, but also because of expectations of a more dovish Fed going forward.
Despite a moderately hawkish Jerome Powell in the last meeting, according to the CME Fedwatch tool, the majority of investors is expecting at least another two rate cuts by the end of the year and the gold rally is just the obvious consequence of this.