(Reuters) – Gold edged up on Monday, to hold above the psychological $1,500 level, as investors demand for safe-haven bullion increased on concerns over slowing global economic growth as the trade war between Washington and Beijing drags on.

Spot gold was up 0.5% at $1,503.66 per ounce at 1056 GMT, while U.S. gold futures were also up 0.5% at $1,515.70 an ounce.

“Gold is trying to rebound due to fears of slowdown in the global economy and the trade talks (between the United States and China) are not going in the best ways,” ActivTrades analyst Carlo Alberto De Casa said, adding the “there is still room for gold to go up.”

U.S. President Donald Trump said on Friday he was not ready to make a deal with China and even called the September round of trade talks into question.

Meanwhile, yen and bond bulls charged while stocks struggled again, amid ongoing worries that a prolonged U.S.-China trade war and damaging Brexit could tip top economies into recession.

With no sign of trade tensions between the U.S. and China abating, MKS PAMP said in a note that gold could continue to build momentum, while global growth concerns and central bank easing were also helping the rally.

Analysts also said negative debt yields around the globe were further supporting bullion.

Gold prices rose as much as 4% last week and are up about 17% this year.

“To achieve higher (gold) prices we need more negative surprises in the economic, financial and geopolitical side. If we don’t see further escalation (in trade tensions), we are likely to see gold prices treading water or come under more pressure,” Commerzbank analyst Eugen Weinberg said.

Market focus is now on the Federal Reserve annual symposium at Jackson Hole later in the week, with investors seeking greater clarity on the future path of interest rates. Traders see a 69% chance of a 25 basis-point rate cut by the U.S. central bank this September.

Spot gold may gain further to $1,524, as it has cleared resistance at $1,497 per ounce, Reuters technical analyst Wang Tao said.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to Aug. 6, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Elsewhere, silver was steady at $16.94 per ounce. Platinum was down 0.4% at $855.54, while palladium gained about 0.4% to $1,426.51 an ounce.