Gold creeps up as investors seek safe haven

The Age – Gold prices climbed on Tuesday, as the yellow metal continued to attract investors hunting a safe haven against the biting economic stormwinds, following a rise of more than 3% last week.

Spot gold was trading at $946.70 per ounce in Asian trade, up from European levels of $US942.70 yesterday. US markets were closed on Monday for the Presidents’ Day holiday.

"With the US on holiday, investors are mostly sidelined,” said Koji Suzuki, a senior analyst at SBI Futures.
Traders have pointed to the record high holdings of the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, as evidence of strong investor interest in the precious metal.

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