Physical Gold Responds to Gold Prices Rising as Dollar Weakens

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Leading UK gold dealers, Physical Gold, have responded to gold prices reaching their second weekly rise in three weeks.

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Many investors are turning to gold as a hedge against inflation and to add balance to their portfolio amid an assortment of economical issues.

Spot Gold was up 0.1% to $1,731.36 an ounce on Friday morning, heading for a weekly gain of 1% this week.

A weakening US dollar pushed gold prices higher as the euro firmed amid Greek bailout progress. The dollar suffered its biggest weekly drop in 2months, with a loss of 0.8% this week.

A weaker dollar is good news for buyers holding other currencies, making dollar-priced commodities more affordable.

Gold has also benefitted amid worries about the US fiscal cliff, with tax hikes and spending cuts expected to take place early next year.

A spokesperson from Physical Gold said:

“Gold has continued to make good progress this week, benefitting from various global factors. Many investors are turning to gold as a hedge against inflation and to add balance to their portfolio amid an assortment of economical issues. Gold bullion bars and coins are a good way to protect your assets as the value of currencies continues to be unpredictable.”

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.

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Dan Fisher
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