Gold has moved up to its all time high of $1,910 many investors are not trying to move to the safe haven to protect their assets amidst the financial slowdown. Platinum is also at its highest in over three years.
Bullion for immediate delivery moved up by 0.8% to 1,913.50 for every ounce prior to trading at $1,897.38 for every once before noon in Singapore. The precious metal has now increased by 17% in august which is now considered as its best monthly performance since the year 1982. Silver was up and is now at its most expensive value in over three months.
According to Peter Richardson from Morgan Stanley Australia Ltd, “Gold has continued to blast ahead even with a relatively strengthening U.S. dollar, strongly performing treasuries and other safe havens. All of that tells me that this is really all about preserving real purchasing-power.”
Gold has been increasing in value for the 11th year and has moved up by 34% due to holdings in exchange traded products that have gone up on August 8 and also due to central banks adding to their reserves once more after a long time.
Gold is said to reach about $2000 by the end of the year which can help put its gains to 41%. This will be its biggest gain in over three decades, according to predictions made by 13 traders and analysts that have been surveyed by Bloomberg during a conference in Kovalam in South India this August 20.
Tags: south india, long time, immediate delivery, expensive value, Morgan Stanley Australia Ltd, three months, morgan stanley australia
