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The price of gold has become one of the dominant themes in global markets over the past couple of years as the financial crisis unravelled. The Gold wrap reports on the latest trends in the price of the precious metal as well as factors influencing the demand for the safe haven asset.
Gold rally matched by silver gainsJanuary 18 2013, 3:08pm
Gold added to gains sparked by yesterday's weak reading on the Philly Fed index.
Spot gold rose US$1.99 to US$1,689.40, with traders saying sentiment was also helped by the general good mood surrounding equities.
The Philly Fed numbers intensified worries about growth prospects in the US and increased the pressure on the Fed to maintain an accommodative monetary policy, said Deutsche Bank.
Platinum gave back some of the gains inspired by sector Anglo American’s plan to cut 400,000 ounces of capacity, or 7% of world output, close four shafts and sell another mine. The price dipped US$15 to US$1,674.
Spot silver also rose to a one-month high and has been the second best performer among the precious metals this year so far, noted Deutsche Bank.
The broker said volumes of silver exchange traded funds (ETF) have surged since to a new record high of 19,115 tonnes, with some investors possibly reallocating to other investment types given gold’s lacklustre performance.
Underlining the interrest, the US mint announced that it had suspended sales of its 2013 American Eagle silver bullion coins until the end of the month after running out due to huge investor demand.
Randgold Resources (LON:RRS) down 25p at 5,815p
African Barrick Gold (LON:ABG) down 0.60p at 349.40p
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