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Updated 05:08 27/02/20

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Gold surges beyond $1,200 as investors seek safety

Adam Pike, News Editor
6 Jan 2015, 11:05 a.m.

The gold price has risen for the third consecutive day as investors seek safety from falling stock markets as concerns around the potential Greek Eurozone exit. Gold is currently trading at $1,211.99 per ounce after falling to a one month low $1,168.34 as recently as the 2nd of January. Unsurprisingly the euro fell to a nine 9 year low against the U.S dollar. Gold priced in euros has advanced to its highest level since September 2013 after increasing over 12% in 2014.

The equity sell-off spread to Asia overnight and oil traded below $50 per barrel for the first time since 2009.

Gold benefits from uncertainty and with problems surfacing in the Eurozone and oil price plummeting many investors have turned to gold as the ultimate safe haven. The gold price has also been boosted this week following comments from EBC Chairman, Mario Draghi, who suggested the Central Bank is ready to implement a fully blown quantitative easing program

Gold is currently trading at 797.45 per ounce, silver at £10.72, platinum 800.30 per ounce and palladium £526.33 per ounce.

View original source at: www.bloomberg.com

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