(PRWEB UK) 31 October 2012
Spot gold rose 0.1% to $1,711.01 an ounce by early trading on Wednesday October 31 and it is poised to rise as investors await US employment data and the effect of Hurricane Sandy as US equity markets resume trading following a shutdown period during the storm. Technical analysts predict that spot gold could rise to $1,730.02.
The dollar dropped the most in almost two weeks on Tuesday October 30, amid speculation that damage from Hurricane Sandy was less severe than anticipated and demand for safe assets retreated.
Gold rose 70% as the US Federal Reserve bought $2.3 trillion of debt in two rounds of quantitive easing from December 2008 to June 2011.
A spokesperson from Physical Gold said:
“These latest gold developments show that gold investment remains a popular choice to protect assets during this time of economic instability. Investing in gold bullion coins and bars provides a hedge against inflation as paper money struggles.”
Physical Gold is continuing to watch these latest gold developments with interest.
Physical Gold Ltd is a leading UK gold dealer, helping investors diversify their portfolios with innovative investment solutions. Renowned for their ground breaking products such as the Sipp gold and Gold Accumulation Account, the firm specialise in providing customers with tailored assistance in sourcing the best gold for their personal requirements. Based in London, the team are BNTA accredited and have an unrivalled knowledge of the gold market as well as an exceptional understanding of the general financial markets.