Gold surges to two-month high on haven buying

[miningmx.com] – GOLD surged to a two-month high as investors sought a haven amid continued selling of equities, said Bloomberg News. The metal for immediate delivery gained 0.5% to $1,113.72/oz by 10am in London – the highest since November 4 and a 5% increase this month.

“Gold is continuing to profit considerably from its safe-haven status,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, told Bloomberg News. “Weak Asian stock markets reflect the renewed uncertainty among market participants.”

George Gero, the vice president of global futures at RBC Capital Markets, said in an interview with Bloomberg that gold may touch $1,400/oz in the next few years. Gold holdings in exchange-traded products rose 0.5 metric ton to 1,503.5 tons as of 25 January, said the newswire.

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