by
GoldCore
Today’s AM fix was USD 1,270.00, EUR 927.82
and GBP 767.14 per ounce.
Friday’s AM fix was USD 1,259.25, EUR 920.44 and GBP 757.40 per ounce.
Friday’s AM fix was USD 1,259.25, EUR 920.44 and GBP 757.40 per ounce.
Gold rose $0.56 or 0% on Friday to
$1,264.51/oz. Silver slipped 0.20 or 1% to $19.74/oz.
Gold surged to its highest level in two months
on the open in Asia overnight. Gold was steady at $1,268.60 late
morning, after earlier hitting a two-month high of $1,278.01. Other
precious metals also edged higher.
Safe haven buying was evident as equities fell
on worries about capital outflows from emerging economies, currency
crises and macroeconomic and geopolitical risk.
Asian and European shares dived as emerging
markets remained under pressure due to concerns that the U.S. Federal
Reserve may discontinue its ultra loose monetary policies and unease
about the shadow banking system and credit conditions in China. This
is raising the possibility of a sharper economic slowdown.
Risks posed to depositor’s cash were seen in
the UK after HSBC imposed cash withdrawal limits on clients and
Lloyds ATM machines and debit cards experienced difficulties.
The
Financial Times has told investors that they should act like the
German Bundesbank and “demand
physical gold”
and warned that gold price “manipulation”
could end “catastrophically“.
“There’s
surely no chance that the Fed’s little delivery difficulty has
anything to do with the cat’s-cradle of pledges based on the gold
in its vaults? As has been remarked here before, forecasting
the price is for mugs and bugs.
But
one day the ties that bind this pixelated gold may break, with
potentially catastrophic results. So if you fancy gold at today’s
depressed price, learn from Buba and demand delivery.”
Find
out why Singapore is now one of the safest places in the world to
store gold in our latest gold guide - The
Essential Guide To Storing Gold In Singapore
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