Gold traded near a maximum of three months on demand growth

Gold traded near a maximum of three months on demand growth


In conditions of instability on global stock markets, investors prefer investing in gold as a more reliable asset. In addition, rising gold purchases by China ahead of the New year on the lunar calendar.

MOSCOW, 3 Feb. Gold prices on Wednesday morning show a positive trend, stabilizing in the area for three months amid volatility in global stock markets, which increases demand for more reliable assets, according to data exchanges.

As at 09.04 GMT April futures for gold on the new York stock exchange Comex rose in price by $ 1.5, or 0.13% to 1128,8 dollars per Troy ounce. The cost of the March futures for silver has grown on 0,04% — to 14.3 dollars per ounce.

Investors prefer investment in gold as a reliable asset in the conditions of instability on global stock markets. So, the major stock market indices of Europe and the United States ended Tuesday in the red amid continued drop in crude oil prices and domestic news.

In addition, support the cost of metal has increased its purchases from China in the eve of the New year on the lunar calendar, which comes on 8 February, and the celebration will last a week. “Alternatives to China from this point of view a bit now, and money now directed to investments in gold,” said Reuters managing Director of GoldSilver Central Brian lang (Brian Lan).