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Gold Prices Surges to Record Highs

Gold Prices Surges to Record Highs – NZ Mint comments

Gold has surged more than 2% to a record price of $US1270 per ounce as investors turn to the precious metal as a safe haven asset.

NZ Mint Head Bullion Trader Mike O’Kane says investors are looking for a hedge that will hold its value, in the face of economic instability and fears of further financial crisis.

“There is still a lot of uncertainty and nervousness about financial markets and the need for further government bailouts. This has caused the gold price to go through the roof – causing the biggest one day gain in four months.”

Mike O’Kane says the issue for local investors is that in New Zealand dollar terms the gold price remains fairly static due to the currency holding against the US dollar.

“We expect to see trading volumes increase, with the surge in safe haven buying being carried on by retail investors as well as institutional buyers.”

“We expect this kind of trading to continue however in the short-term, profit-taking will see the market move in both directions - adding to the volatility in the market.”

ENDS

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