As a dollar priced commodity, a weaker dollar is good news for other currencies throughout the world interested in gold investment.
(PRWEB UK) 3 April 2013
Gold has extended its gains due to a weaker dollar caused by disappointing US data and concerns about its economy, with the Yen at a one month high against the dollar.
Gold reached $1,603.60 an ounce on Tuesday, continuing its strength from March caused by the banking crisis in Cyprus.
Gold is currently being supported by ongoing fears about the stability of the eurozone as well as political matters in Italy. Budget uncertainty and debt crisis in the US has also supported the precious metal.
A spokesperson from Physical Gold said:
“Gold has continued to do well for the beginning of April, supported by various financial factors throughout the world. As a dollar priced commodity, a weaker dollar is good news for other currencies throughout the world interested in gold investment. Added to the ongoing fears surrounding the eurozone, gold has managed to keep its strength.”
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.