Gold prices are biased towards the upside due to ongoing US-China trade tensions, the Iran crisis and strong demand expected from festivals during the second half of 2019, industry analysts and executives say.

Trading at $1,341 an ounce, the yellow metal could shine all the way to $1,550 if it first breaks through the key barrier of $1,380.

Gold prices eased after hitting a 14-month high of $1,355 on June 14 as intensifying political concerns in parts of the Middle East and weak data from China and the US pushed the metal higher. The yellow metal has gained nearly 5 per cent year-to-date as it was closed at $1,278 on December 31, 2018.