Business ETC uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 8 °C Monday 24 November, 2014

Gold price spikes over $1420/oz on commodity markets

And guess who’s taking the blame?

Image: kevindooley via Creative Commons

GOLD PRICES HAVE HIT A NEW record-high today as rising fears over eurozone sovereign debt, including Ireland’s, encouraged investors to turn to gold.

Concerns that the government won’t pass the budget next month are fuelling eurozone fears, according to Reuters.

PFGBest gold specialist Michael Daly said: “The bond situation in Ireland was worse than expected, so investors looked to move money into a safe haven”, according to the Globe and Mail.

Today’s gold price is the fourth straight session in which gold has hit a record high. Silver and palladium are also showing top prices.

Global markets analyst Michelle Kwek based in Singapore told Reuters that the push for oil and gold shows “a general return to risk aversion” by investors.

The head of global derivatives at Samsung Futures Inc told Bloomberg that investors are looking to gold because the euro is falling and the dollar is expected to fall.

Bloomberg reports that concern Greece would go bankrupt earlier this year helped boost gold prices to a then-record level.

  • Share on Facebook
  • Email this article
  •  

Read next:

Add New Comment