Gold reaches near 6 month high as equities fall
Victoria Hewitt-Marsh, News Editor
13 Mar 2014, 10:31 a.m.
Gold reached a near 6 month high yesterday as traders became concerned over the ongoing political turmoil in the Ukraine and the possibility of further corporate defaults in China which caused an equity sell off and boosted gold’s appeal as a safe haven.
European stock markets have retreated from recent highs and the dollar has lost ground against a basket of major currencies.
The markets will also be focusing on U.S. Federal Reserve meeting next week where it is widely expected the Fed will once again cut back its monthly stimulus by a further $10 billion.
Gold has climbed by more than 13% this year as the markets become concerned over the strength of the U.S. and Chinese economies.