Gold was at $1.460.31 (£946.29) per ounce this morning, with physical buying expected to provide support if China continues its gold rush and provides demand.
(PRWEB UK) 10 May 2013
Gold rose slightly higher on Friday, as the euro steadied against the dollar, helping the dollar priced commodity rise, reports Reuters. A weaker dollar is good news for buyers holding other currencies, making dollar-priced commodities more affordable.
Gold was at $1.460.31 (£946.29) per ounce this morning, with physical buying expected to provide support if China continues its gold rush and provides demand. There are reports of people in Hong Kong still complaining of short supply. Chinese gold imports are set to continue after more than doubling to an all-time high in March.
This was added to a slight increase in SPDR Gold Trust's exchange-traded holdings, its first since mid-March.
A spokesperson from Physical Gold has responded to the latest data and said:
“While gold has been hovering just under the $1,500 mark for some time, it remains fairly steady and reliable for now. Investors have been making the most of cheaper gold prices, especially in China, fuelling demand for the precious metal. Gold investment continues to help form a balanced portfolio and help hedge against inflation – it is an extremely worthwhile considering it among your other investments.”
Physical Gold continues to monitor the market 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.