Gold Rallies To Highest Level Since 2014
Gold has rallied to its highest level since March 2014, with spot gold prices up 0.2 percent at $1,366.66 an ounce at 0945 GMT, while U.S. gold futures for August delivery were up by $1.20 an ounce at $1,368.30 (Thursday).
With continued volatility in the financial markets following Brexit, many investors are buying the precious metal as a safe-haven.
Oliver Temple’s warning to investors about not putting all their money into gold – read here.
UBS Strategist Believes Gold Will Shoot Up
Most forecasters are seeing a continued robust trend in the gold price, according to UBS strategist Joni Teves. In a note circulated to clients on Tuesday, he suggested the price of gold will continue to ‘shoot up’ this year.
He says that the precious metal has now ‘entered a new phase’ of growth in the post-Brexit world, thanks to a number of macroeconomic factors.
Global Gold Holdings Topped 2000 Metric Tons
For the first time in three years, global gold holdings have topped 2,000 metric tons.
Data compiled by Bloomberg, show holdings in bullion-backed exchange-traded funds rose 4.1 tons to 2,001.4 tons on Wednesday. This is larger than gold reserves held by China, the biggest buyers of gold.
Warning For Investors Over Choosing A Bullion Dealer
Gold Investments is warning new investors to research bullion dealers before purchasing the precious metal. This year they are likely to be more businesses, some with poor reputations, looking to cash-in on selling gold following Brexit.
Gold Investments, which has been trading since 1981, has produced a simple check list to show potential investors what to look for when choosing a dealer. See more here.
For live gold price alerts, click here.