Costs directly being linked to an uneasy economy
Reuters have today (Thursday August 28) released a report stating that gold has risen for a third day to its highest since late June.
The resurgence in price is being directly correlated with investor concern over the outlook for global growth that has “undermined global equities and boosted safe-haven assets.”
The report also claims that silver has similarly risen to its highest in about two months and is likely to near a 6 percent rise this month.
Driven by a mass worry for the US economy, gold struck its lifetime high of £1,264.09 an ounce in June this year and now sits at $ 1,243.15 (1109 GMT August 26).
Head of precious metals at Scotia Mocatta Simon Weeks told Reuters: "Everybody was optimistic on the economic front back in midsummer, and hence gold was backing off as people were putting risk back on the books and unwinding safe-haven positions. That optimism has disappeared nearly as fast as it arrived. With a string of bad numbers out of the States and the Dow struggling to hold 10,000, the currency markets have become increasingly unnerved by it all."