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Gold price on track for second weekly gain as Eurozone falters

Peter Walden, News Editor
15 Aug 2014, 11:16 a.m.

Gold has traded comfortably above its psychological barrier of $1,300 an ounce this week and is poised to make its second straight weekly gain. Boosted by sluggish global economic data and continued geopolitical tensions, the metals appeal as a safe-haven asset has been bolstered.

On Thursday the price was assisted by data showing that the number of Americans filing new claims for unemployment benefits had risen more than expected. Furthermore, Eurozone economic recovery ground to a halt just as French Minister, Michel Sapin, admitted that the government’s forecasted 2014 growth of 1% would be impossible to reach. It is not only France who are struggling, Germany also suffered a 0.2% GDP decline in Q2, whist Italy fell into recession and other countries hinted that they will cut growth forecasts.

Gold is currently trading at £786.29 per ounce, silver £11.928 per ounce and platinum at £875.99 per ounce.

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