The gold price broke through the important $1,300 an ounce threshold on Wednesday as turmoil in the US presidential election and instability in many parts of the world increased the attractiveness of gold as a safe haven investment. The gold price gained 1.2% to $1,303.29 an ounce, the highest level in more than a month, as the dollar weakened against the euro. The gold index on the JSE was lifted 0.93% despite a firmer domestic currency. Spot gold dipped below $1,300/oz at the beginning of October after reaching an annual high of $1,354.98 on July 11. “Gold was benefiting from its reputation as a safe haven in times of distress and as an apparent Trump hedge,” said Oanda market analyst Craig Erlam. He said $1,300 was an important support level for gold, as evident from trading levels from June to September. “It took a significant push to drive it back above there,” Erlam added. Concern has increased about greater instability in the US after Republican presidential candidate Donald ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.