Guiding consumers since 2009

Gold hits another record high

By Staff Writer
Gold reached a record high of $1 235.50 an ounce in Honk Kong on Wednesday as investors continue to look for a safe haven while everyone's concerns over the eurozone debt crisis continues to escalate.

When the markets closed in Asia, the precious metal was trading at $1 209.00 an ounce but later went as high as $1 224.82 an ounce on the European market.

Analysts reckon gold will remain as a safe haven while other markets continue fluctuate and remain vulnerable.

It opened at $1 229.00, just up from a previous record of $1 226.56 for the metal set on December 3 last year.

"The response of the central banks and the IMF to the southern European mess is almost guaranteed to ensure continued volatility in world markets," said Capital Spreads analyst Simon Denham.

Gold's main drivers are jewellery and people looking to invest in gold and the precious metal hit record highs last year following inflationary fears and moves by central banks to diversify assets away from the dollar.

Escalating concerns about the situation in Greece have also added to people investing in gold.

"This resilient performance... is perhaps telling of the scepticism markets still have over the execution of the plans and the tough fiscal challenges that will face some euro area economies," added Barclays Capital analyst Yingxi Yu.
"While markets remain jittery over the effectiveness of the plans, gold is likely to perform relatively well."

Recent Articles

Featured Debt counselling – the two sides of the coin

Being overindebted doesn’t just put a strain on your personal finances; it also puts a strain on your state of mind. The best solution is to start the process of debt counselling so that you can escape the debt cycle. But what are the ups and downs of joining this debt relief programme?

Travel ban – how to claim for the loss incurred

As with the recent Covid-19 pandemic, governments sometimes issue travel bans to prevent people from travelling to other countries. This becomes even more complicated if you’ve already planned and paid for your trip. Your flights will be cancelled, and you may lose money from cancelled accommodation arrangements. How do you claim for the financial losses incurred due to a travel ban?

How to finance and insure a second-hand vehicle

Buying a second-hand vehicle may suit your budget better than acquiring a new one. But what impact does an older model have on vehicle finance and car insurance? We reached out to specialists in the field to explain what the financial implications are of pursuing a second-hand vehicle.

Reading your loan agreement: look out for this

Many people don’t read their loan agreements. They just sign on the dotted line without realising that they could be signing their lives away. But it’s important to review your loan agreement before and after taking your loan to avoid future setbacks.

 

Deals

Udemy online course for R180

Price: R180
When: Until 27 March 2020
Where: Online

Educate your kids for free with Skills Share

Price: Free
When: Daily
Where: Online

Take advantage of payment holidays from Standard Bank and Nedbank

Price: Free
When: From 1 April to 30 June 2020
Where: Nationwide