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Updated 17:52 07/07/20

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Safe haven buying supports the gold price

Duncan Richardson, News Editor
23 Jul 2014, 10:20 a.m.

The gold price held above the psychological $1,300 barrier yesterday as geopolitical events in the Ukraine and Gaza maintain support for the yellow metal. Historically, investors turn to gold in times of political and economic uncertainty and is seen as an alternative to equities.

In the Gaza strip Israeli forces continued their ground offence with both sides experiencing causalities. The U.S. and the United Nations are in talks to persuade both sides to agree an immediate ceasefire.

The tensions in the Ukraine eased slightly after pro-Russian fighters passed the flight recorders of flight MH17 to Malaysian authorities and a train carrying the victims arrived in Ukrainian government controlled territory.

Demand in Asia has fallen in 2014 following a particularly strong year in 2013 when Chinese and Indian buyers took advantage of lower prices.

In a measure of investor sentiment, the world’s largest gold exchange traded fund, the SPDR Gold trust, confirmed that holdings increased 0.18% to 804.84 metric tonnes on Monday.

Silver is currently trading at $20.97 per ounce, palladium $870.20 per ounce and platinum $1,486.00 per ounce.

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