Gold Price Breaks $1,200; Other Precious Metals Also Up

Precious Metals

The gold price briefly broke the $1,200-per-ounce mark on Monday on the back of safe-haven demand driven by “sliding stock markets and worries over global economic growth.”

The gold price briefly broke the $1,200-per-ounce mark on Monday on the back of safe-haven demand driven by “sliding stock markets and worries over global economic growth.” According to Reuters, the yellow metal peaked at $1,200.60, reaching its highest price since last June.
As quoted in the market news:

Stock indexes worldwide tumbled on persisting fears of a global economic slowdown, while benchmark 10-year Treasury yields hit their lowest in a year on demand for assets deemed less risky, such as bullion.
“The drive for gold today is purely tied to the risk type of trade,” said Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago, pegging the next target level at $1,210.
“People have to move their equities out of there, have to put (money) into safer assets.”

Other precious metals also fared well on Monday:

Other precious metals tracked gold higher. Platinum was up 2.2 percent at $926.98, after reaching $931.76, its highest since Nov. 9. Silver jumped 2.8 percent to $15.39 an ounce, after briefly touching $15.46, its highest since Nov. 3.
Palladium was up 2.9 percent at $515.20 an ounce.

Click here to read the full Reuters report.

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