| Gold prices traded near their highest levels this year on Wednesday as investors sought havens on increasing concerns over global growth. Gold hit a high of $1,367 a troy ounce this week, just shy of its year high of $1,374.71 reached on July 11, before falling back to $1,357.40 late on Wednesday. The precious metal is up 28 per cent this year.
The price of gold has been driven by buying of gold exchange traded funds, which are backed by holdings of the metal. The funds’ holdings of the metal are at their highest level since July 2013, according to data compiled by Bloomberg...............................................Full Article: Source
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