Gold Prices in Euros reach new milestone

Gold Prices in Euros have reached a new milestone, exceeding €1,000 a troy ounce for the first time on the back of investor fears.

According to Edell Tully, a London-based precious metals strategist at UBS, this rise can be attributed to the fresh turmoil in financial markets, which is driving investors to the precious metal as a safe haven.

Speaking to the Financial Times, the analyst - whose firm was founded in 1854 and employs over 65,000 members of staff - said Gold Prices are continuing to be driven by the precious metal's safe-haven status.

However, he did sound a slight note of caution, adding: "We understand that scrap supply has escalated this week."

Highlighting the fears that exist over sovereign debts in the eurozone, Mr Tully noted: "The continuation of this heightened appetite after the bail-out was announced shows that these fears have not been allayed."

Meanwhile, the Economic Times of India has pointed to the growing popularity of Gold Investments.

Until 2008, Investing in Gold represented 25 per cent of global consumption of the precious metal, but in 2009 this number rose to 37 per cent despite higher Gold Prices.

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