The spot price of gold on Tuesday climbed to a 25-year high of $570,85 a troy ounce on continued investor interest in the metal, traders said.
At 9.30am, gold was quoted at $570,10/oz, up $1,85/oz from the previous close. In January 1981, gold fixed at a high of $602,25/oz.
“The gold market continues to be dominated by the same theme of investor interest. More recently, there has been a lot of interest in silver due to speculation ahead of the launch of the United States silver exchange trade fund by Barclays,” a European metals trader said.
“The market remains bullish about metals, with a little bit of Japanese buying coming through this morning. The outlook for the gold market is difficult and I’m surprised at the extent of the climb that has taken place during the course of January,” he added.
Platinum
The spot price of platinum on Monday climbed to an all-time high of $1 081 an ounce due to strength in precious metals as well as renewed investor appetite for the metal, analysts said.
At 5.15pm, platinum was quoted at $1 081/oz, up $16,50/oz from its previous close.
There appeared to be renewed interest in platinum from investors, with long positions increasing on the Tokyo Commodity Exchange and the New York Mercantile Exchange, said a London-based metals analyst for Virtual Metals, Matthew Turner.
Platinum was also rising on speculative interest and strength in gold and silver, he added. — I-Net Bridge