Gold prices have risen thanks to a decline in the stock market and currencies.
The precious metal is now at its highest price for a month as investors seek to buy gold as an alternative to assets which may suffer as a result of unstable economic conditions, Reuters reports.
Standard Bank analyst Walter de Wet said that gold prices may be further supported in the future.
"The dollar looks pretty weak and financial risk is rising. Equities doing so badly has been good for commodities in general and, in terms of credit, default spreads have been rising. This supports gold," he said.
Rising crude oil prices are also boosting gold, as the two commodities usually operate in tandem, rising when the dollar is low.
Standard Bank is one of the most established financial services groups in South Africa and operates worldwide in 38 countries.
The company offers banking, investment and lending products and services to entities from multinational corporations to individual income earners and their families.
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