Gold Price Rally Driven By Haven Status

2015-01-19 07:01:17

GOLD prices continue to creep in upward direction due to turbulence and worries in global currency markets. This week, a 5 percent rise in the price of Gold was observed as people looked for haven assets for investments.

The future contracts for the month of February were actively traded at $US1276.90 an ounce on the Comex division of the New York Mercantile Exchange.    

Investors all around the world have been stocking up the valuable metal due to concerns about the global economy. Stock markets all over the world have witnessed an acute downfall in the prices of shares and currencies. Deteriorating oil prices have played their role in this scenario as well. Recent wave of recession have affected not only Europe and China but has also cast doubts on the growth of US economy.

Silver is also following trend of Gold higher. Future contracts for March settled on $US17.865 an ounce. This is the highest level since September 24 last year.

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