Gold goes up in face of weaker dollar
The weak dollar caused gold prices to rise again on Thursday, reaching their highest level since June 9th and sneaking slowly back towards their all-time high of $1,030.80 in March.
The dollar slipped against both the euro and the yen this week, making gold, which is priced in dollars, cheaper for holders of these currencies.
Inflationary pressures in the US and across the Atlantic are also prompting investors to turn to gold, as the metal is seen as a save haven during times of rising prices.
Continued investment in gold is causing prices to rise and the precious metal hit £895 an ounce on Thursday, up from $891 an ounce on Wednesday.
"The dollar is a supportive factor for gold," Suki Cooper, an analyst at Barclays Capital, told Reuters. "Inflation concerns are still prominent, there will be some safe-haven buying."
Simon Weeks, director of precious metals trading at Scotia Capital, also told the news provider that he thought gold was beginning to "find its feet" and that sentiment among those investing in gold is "good".
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