Gold recovers some shine as global markets collapse
Gold prices climbed Wednesday as collapsing global markets pushed investors to buy the precious metal, which seems to be finally recovering its safe haven status.
After spending the past year disappointing investors as the Fed marched toward its first interest-rate increase in nearly a decade, gold has become this year the best-performing non-agricultural commodity.
Gold futures for the most-actively traded February contract were up 1.2% at $1,102 an ounce on the New York Mercantile Exchange Wednesday.
The metal gains came as stock markets around the world once again sold off sharply.
Not all precious metal followed gold’s lucky strike. Platinum hit a seven-year low for the third day in a row, at $486.60 an ounce, while silver was down 0.2% at $14.09 an ounce.
According to a recent Bloomberg data analysis, in the five days to January 14 investors bought 26.8 metric tonnes of gold via exchanged traded funds that are physically backed by the metal, the biggest increase in a year.