Gold News

Gold 'the safe-haven choice'

Investors are returning to gold bullion after a period of hesitation as they try to avoid the uncertainties caused by growing political tension.

Iran has test-fired some of its nuclear missiles, leading to tension over Tehran's nuclear programme, reports Reuters.

This threatens the supply of oil, leading to higher prices in the commodities, including gold.

Analysts said they believe that gold prices could continue to rise after reaching the $935 an ounce mark.

"Gold remained well bid in the aftermarket [on Wednesday July 9th], even though oil prices slipped. This could be a signal that gold is becoming the safe-haven of choice again," said Walter de Wet, an analyst at Standard Bank.

Meanwhile, the outcome of the G8 Summit has not yet had any impact, adding to insecurity towards the global economic environment that could add to demand for gold.

Standard Bank is one of the most established financial services groups in South Africa and operates in some 38 countries.

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