GOLD started last week at 1227 and made a slight dip to 1216. The bull took over for the rest of the week and reached 1262 on Friday. Buyers flocked to the yellow metal to shield from Europe’s financial turbulence and on concerns that the US economic recovery is not as strong as expected. Investors continued to look to substitute assets and currencies with gold.
German investor confidence plunged the most since October 2008 on fears that the sovereign debt crisis will undermine exports and crimp growth in Europe’s largest economy. On the US front, initial jobless claims increased by 12,000 to 472,000 in the week ended June 12, signalling the labour market may not be improving and reducing prospects for a sustained recovery.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
