ArabianBusiness.com - Middle East Business News
Monday, 09 November 2009 04:17 UAE time

YOUR DIRECTORY /

| Share |

Gold prices hit 3-month high on recession fears

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 27 January 2009
SHINING BRIGHT: Gold holdings in exchange-traded funds (ETFs) rose to record highs this week. (Getty Images)

Driven by fears of intensifying global recession, investors raised their holdings in gold – pushing prices to a three-month high, on Monday.

Bullion exceeded $900 an ounce on January 23 for the first time since October, propelling gold holdings in exchange-traded funds (ETFs) to record highs.

Speaking to newswire Bloomberg, Wolfgang Wrzesniok-Rossbach, head of marketing and sales at German firm Heraeus Metallhandels GmbH said:  "All the comments you read about the economy are negative. There's definitely safe-haven buying." He expects the trend to continue".

Gold for immediate delivery rose 1.1 percent to $909.28 an ounce and traded at $903.84 by 5.04pm, UAE time.

Story continues below
advertisement

February futures rose  $6.10, or 0.7 percent, to $903.80 in electronic trading on the Comex division of the New York Mercantile Exchange, Bloomberg reported.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

RELATED LINKS

  1. Bloomberg»

 EMAIL ALERTS

  1. Bloomberg

  2. Financial Markets


Tell us your story

READER COMMENTS

  1. The tipping scandal 12
    08 Nov ' 09 at 16:32
    Steve you are 100% right. Managers and bosses have no right to use tip money for any other purpose than todistribute it to the staff...   More  »
  2. The party's just beginning 10
    08 Nov ' 09 at 18:31
    The recession may be coming to an end, but my guess is that there is no party in sight, just a depression! The typical line i hear in...   More  »
  3. Al Habtoor chief upbeat on Dubai future 08
    08 Nov ' 09 at 20:55
    I agree with Mr Khalafs comments, yesterday is gone,tomorrow nobody seen, what he is expecting beyound tomorow ,is his positive...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM