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Reuters reported that the gold price rose Monday as concerns about Asia’s stock markets spurred safe-haven demand for the metal. This past Friday, the yellow metal reached its highest price since the start of November on the back of those worries.
Reuters reported that the gold price rose Monday as concerns about Asia’s stock markets spurred safe-haven demand for the metal. This past Friday, the yellow metal reached its highest price since the start of November on the back of those worries.
As quoted in the market news:
Asian share markets swept lower after Wall Street suffered its worst starting week in history and doubts over Beijing’s economic competence sent investors into the arms of the safe-haven yen and sovereign bonds.
Spot gold rose 0.1% to $1 105 /oz by 0330 GMT. US gold gained 0.7% to $1 105.2.
“We have some supportive factors in the market such as Saudi Arabia-Iran tensions, devaluation of yuan which have prompted safe have appeal of gold,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers Ltd in Hong Kong.
