Gold prices hit an all-time high as demand surged to the highest
level since the collapse of Lehman Brothers in 2008 amid volatile financial markets in Europe.
Spot gold in London surged to above
$1,230 a troy ounce, surpassing the previous record set in December
last year.
Gold
prices in euro terms also hit a fresh all-time high of €969 an ounce in
late trading in London on Tuesday, up almost 26 per cent since the
beginning of the year.
Traders and coin dealers said buying was
exceptionally strong from German and Swiss investors. In Frankfurt, gold
sellers said that demand late last week was three to four times normal
levels. The spike appears to reflect concerns in Germany about the
potential inflationary impact of the European Central Bank’s decision to
buy up eurozone government bonds in the wake of the Greek debt crisis.
Michael
Kramer, president of Manfra, Tordella & Brookes, a large New
York-based coin dealership, said: “The demand has been huge overseas.
Most of it is ending up in Germany.” Edel Tully, precious metals
strategist at UBS in London, added: “Coin demand is so intense that
supply is struggling to match”.
Gold prices hit an all-time high as demand surged to the highest
level since the collapse of Lehman Brothers in 2008 amid volatile financial markets in Europe.
Spot gold in London surged to above
$1,230 a troy ounce, surpassing the previous record set in December
last year.
Gold
prices in euro terms also hit a fresh all-time high of €969 an ounce in
late trading in London on Tuesday, up almost 26 per cent since the
beginning of the year.
Traders and coin dealers said buying was
exceptionally strong from German and Swiss investors. In Frankfurt, gold
sellers said that demand late last week was three to four times normal
levels. The spike appears to reflect concerns in Germany about the
potential inflationary impact of the European Central Bank’s decision to
buy up eurozone government bonds in the wake of the Greek debt crisis.
Michael
Kramer, president of Manfra, Tordella & Brookes, a large New
York-based coin dealership, said: “The demand has been huge overseas.
Most of it is ending up in Germany.” Edel Tully, precious metals
strategist at UBS in London, added: “Coin demand is so intense that
supply is struggling to match”.
Gold prices hit an all-time high as demand surged to the highest
level since the collapse of Lehman Brothers in 2008 amid volatile financial markets in Europe.
Spot gold in London surged to above
$1,230 a troy ounce, surpassing the previous record set in December
last year.
Gold
prices in euro terms also hit a fresh all-time high of €969 an ounce in
late trading in London on Tuesday, up almost 26 per cent since the
beginning of the year.
Traders and coin dealers said buying was
exceptionally strong from German and Swiss investors. In Frankfurt, gold
sellers said that demand late last week was three to four times normal
levels. The spike appears to reflect concerns in Germany about the
potential inflationary impact of the European Central Bank’s decision to
buy up eurozone government bonds in the wake of the Greek debt crisis.
Michael
Kramer, president of Manfra, Tordella & Brookes, a large New
York-based coin dealership, said: “The demand has been huge overseas.
Most of it is ending up in Germany.” Edel Tully, precious metals
strategist at UBS in London, added: “Coin demand is so intense that
supply is struggling to match”.
Gold