Worries that the questions regarding the Irish Republic’s solvency and the health of the Eurozone in general has investors rushing back to gold. Gold prices have risen 7 percent since last weeks announcement by the Federal Reserve that it would commit another $600 billion to stimulus spending pushing gold to a nee w record of $1,421 an ounce.
“With record highs set in quick succession, the gold market is swimming in uncharted waters,” said Ong Yi Ling of Phillip Futures in Singapore. “The asset purchases of the US and debt problems in the eurozone provide a compelling backdrop for gold prices to continue appreciating on a longer term basis.”
Source: BBC News
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012