Gold News

WGC: Safe haven gold buying 'will continue'

A senior figure at the World Gold Council (WGC) explained yesterday (November 16th) that gold will continue to provide a safe haven for investors during the current financial crisis, Reuters reports.

Gold prices have been on something of a rollercoaster ride this year, peaking at $1,033 per ounce in March before sliding, reaching another peak in October and finally slipping to today's levels of around $740 per ounce.

However, Rozanna Wozniak, investment research manager at the WGC, has claimed that with the global economy embarking on a major downturn, the yellow metal is retaining its appeal for investors.

She told the news provider: "Even at around $700 gold is higher than it was about two years ago.

"Gold has been keenly sought after, reflecting its perception as a safe haven and store of value. There is no risk of it being affected by defaults."

Ms Wozniak also explained that huge volumes of recent gold buying have come from investors looking for a safe haven, which in part clarifies gold's superior performance in relation to other assets.

"These investors bought gold as their insurance policy and, during times of significant market turmoil and large falls in asset prices, have been able to make a claim against that policy," she added.

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