Most investors may not turn up to work sporting a lot of bling however it looks like gold is indeed back in fashion.
According to paddypowertrader spread bettors have been delving into gold trades, as the precious metal rose this week. The rise in the price of gold has been attributed to a fall in the dollar and volatile equity markets. The crisis in banking has also revived some investment demand for gold which was trading as low as $738.40 earlier this month.
While the dollar has again weakened against the euro, to trade at 1 EUR to 1.48 USD, some speculators have been delving into gold as a safe haven for investment. Paddypowertrader have reported that investors have moved into commodities in growing numbers over the past few days.
Gold is Back in Fashion
Gold trades are up a whopping 266% in the last month alone. Ongoing uncertainties in the equities markets, particularly in the banking sector, look to have triggered the gold rush, the financial spread betting firm said today.
“It seems that our clients are favouring gold and oil over equities because of conflicting reports and volatility in those markets. Gold hit the roof with an all-time high of $1,030.80 an ounce in March, but has lost ground since. However it seems our clients think the only way is up for the precious metal as 83% of them are going long on gold.” said Davin McAnaney of paddypowertrader.
Gold has also been supported by the movement in Brent crude oil futures which now sit at $104.01 per barrel. The result was that Gold bullion for December delivery reached $894.30 solidifying profits for clients long on gold. Gold price has increased by 13% in the past week.
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'Fashionable Gold Traders' by paddypowertrader, updated 26-Sep-08
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