LONDON: Gold rose to four-week highs on Tuesday and euro-priced gold hit a record peak as investors bought the metal as an alternative to paper currencies amid persistent concerns over smaller euro zone economies.
This helped dollar-denominated gold shrug off a 0.75 per cent rise in the dollar’s value versus the euro. Spot gold was bid at $1,136.45 at 1427 GMT against $1,129.70 late in New York on Monday.
Earlier it rose as high as $1,136.70 an ounce, its firmest since early March. Euro-priced gold rose to a record 842.46 euros an ounce, against 837.68 late on Monday.
“With gold doing well on the crosses and with good physical demand in India and China, there is still a group who are looking at gold as a currency,” said Simon Weeks, head of precious metals at the Bank of Nova Scotia.
Indian dealers said demand for the metal in the world’s biggest gold market was firm as traders took advantage of a price retreat to stock up ahead of a raft of festivals and for the spring wedding season.
Source The News
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