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Gold futures rise over $1,000 on flight to safety
NEW YORK/LONDON - Gold futures rose above $1,000 an ounce on Friday as jittery investors turned to the yellow metal to preserve wealth amid a tumbling stock market.
Long-term inflation worries fanned by the massive U.S. economic stimulus package signed into law by President Barack Obama this week has driven investors into gold, which is perceived as the most likely asset to hold its value if the dollar starts weakening.
“I think there’s a little bit of panic out there. Equities are setting new lows and gold is the place to run to. I don’t think there’s much more than that,” said Robert MacIntosh, chief economist at Eaton Vance in Boston.
U.S. gold reached its highest level of the past seven months.
Gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $17.70 to $994.20 an ounce at 10:32 a.m. EST (1532 GMT). They rose to a session high of $1,000.30, their highest level since July 16.
Spot gold jumped to $998.50, its strongest level since March 18. It was at $991.95 an ounce, up 1.9 percent against $973.75 in New York late on Thursday.
The metal is poised to rise further, possibly targeting last March’s all-time high of $1,030.80 an ounce, analysts said.
“The rally we’ve seen in the last few days has been very much led by investment demand,” Barclays Capital analyst Suki Cooper said.
“Investors aren’t looking at the normal drivers—they are sidelining the dollar strength, sidelining deflationary concerns and lower oil prices. They are very much buying gold as a safe-haven asset,” Cooper said. “There is potential for us to breach the $1,000 level.”
Saxo Bank senior manager Ole Hansen said the deteriorating macroeconomic picture and inflows into exchange-traded funds were currently the main influences on the gold price, now that the metal’s usual relationship with the dollar had broken down.
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