Business | Markets
Gold climbs 3% on safe haven buys
Gold climbed three per cent on Monday as fresh worries over the health of the global financial sector sparked buying of safe-haven assets such as bullion.
- Reuters
- Published: 01:18 September 30, 2008
London: Gold climbed three per cent on Monday as fresh worries over the health of the global financial sector sparked buying of safe-haven assets such as bullion.
In euro terms, gold was up nearly five per cent. However, other precious metals used in industry slipped.
Platinum and palladium wilted as fears over the outlook for the automotive sector prompted selling, while silver, used in products such as batteries and bearings, fell as the uncertain economic outlook prompted demand fears.
"Gold was weaker earlier on, but it has bounced back," said Stephen Briggs, metals analyst at RBS Global Banking & Markets. "For the moment, it is breaking away from its slavish attachment to the dollar."
"It doesn't look as though the financial problems are going to pass quickly, so this is gold's moment in the sun," he said.
Spot gold was quoted at $898.60/900.60 at 1427 GMT, up 2.3 per cent from $878.40 at the nominal New York close on Friday.
Gold priced in euros rose nearly five per cent to a day high of 629.35 euros, against 600.99 euros on Friday.
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
