08.10.2008 - Risk aversion ensures gold rush continues
From FT: Commodities markets steadied on Tuesday after sharp falls in the previous session as the ongoing storm sweeping global financial markets showed no sign of abating. Gold rose 2.5 per cent to $879 a troy ounce in late London trading after touching a high of $890.60, supported by elevated levels of risk aversion and safe haven buying. Gold prices have risen more than 20 per cent since Lehman Brother’s collapse. The world’s largest gold exchange traded fund, the New York-listed SPDR Gold Trust, said its bullion holdings rose to 744.54 tonnes by late Monday, up 4.59 tonnes from Friday, but still below a record high of 755.26 tonnes hit last week..... Full Article: Source
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