Gold up on safe haven bids as equities retreat.
Duncan Richardson, News Editor
2 Oct 2014, 10 a.m.
The gold price rose during Asian trading as share indexes fell across the region. The gold price responded positively to poor global manufacturing data and the first diagnosis of the Ebola virus in the America.
Gold which is viewed as an alternative to fiat currencies in times of political and financial uncertainty rose by 0.6% to $1,220 per ounce.
Gold investors are closely watching the events in Hong Kong, where thousands of protestors are occupying large parts of the city demanding that China introduce free elections. Potentially the gold price could continue to rise if the situation becomes unstable.
The U.S. dollar continues to strengthen against a basket of major currencies making precious metals more expensive in sterling
The world’s largest gold backed exchange traded fund, The SPDR Gold Trust, which is often used as a barometer of investor sentiment, confirmed its holdings fell yesterday by 1.20 tonnes to 768.66 tonnes.
Gold is currently trading at £751.37 per ounce, silver £10.61 per ounce, platinum £786.75 per ounce and palladium £484.11 per ounce.