The Cyprus crisis has had a visible impact on gold investment after it spurred fears about how stable the eurozone’s future is.
(PRWEB UK) 29 March 2013
Gold is on track for a 1.6% gain in March, its first monthly rise in six, following concerns about the financial stability of the eurozone due to the banking crisis in Cyprus.
Gold held above £1,600 an ounce on Thursday, on worries the Cyprus rescue deal could become a blueprint for solving banking crises in the eurozone, boosting gold as a safe haven.
The Cyprus crisis saw gold reach a one month high of around $1,616 last week, as savers worried about the security of their own savings as well as the eurozone.
A spokesperson from Physical Gold said:
“The Cyprus crisis has had a visible impact on gold investment after it spurred fears about how stable the eurozone’s future is. It also made many savers think about their own savings and how they want to safeguard their nest egg. Gold has many safe haven qualities and has thus benefited from the events in Cyprus as investors make the most of them.”
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.