Gold is back above $1,200 an ounce

Photo: Chris McGrath/Getty Images

Stocks are getting pummeled, the Japanese yen is screeching higher and bonds are bid.

Risk aversion has taken hold in Asia, continuing the standard set in European and US markets before them.

It’s a climate that generally benefits the gold price, and today is no exception.

As seen in the chart below, it’s just bounced back above the $US1,200 an ounce level in recent trade.

Spot Gold Daily Chart. Source: Thomson Reuters

While US dollar weakness has been a contributing factor, the latest foray above the $US1,200 level coincided with news that US president Donald Trump had fired acting US Attorney General Sally Yates after she defied him on his controversial executive order on immigrants and refugees.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.