The price of gold has hit its highest in six years as investors turn to the safe-haven asset on the back of a weaker dollar, rising geopolitical tensions and falling bond yields. The precious metal rose 1.3 per cent to $1,438 per ounce at one point today, the highest it’s been since April 2013. The rally has since eased a little, and it was trading 1 per cent higher at $1,429. The latest rise in the price of gold is partly a result of a weaker dollar, which has been in the doldrums since the US central bank, the Federal Reserve, indicated it intends to cut interest rates in the coming months to boost the economy. ‘Safe-haven asset’: Nervous investors have ditched equities for ‘safer’ alternatives like gold The price of gold often rises when the dollar falls as a weaker greenback, which today hit a three-month low, makes it more attractive as a store of value. The precious metal has also been boosted by falling bond yields, which have tumbled in June as a result of the prospect of a cut in interest rates. RELATED ARTICLES Previous 1 Next Is the Fed about to signal the return of easy… Read full this story
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