Gold, trading near the highest price in seven weeks, may climb for a second day as investors seek to preserve their wealth amid concern that the global economic recovery may falter, hurting equities and currencies. Silver, platinum and palladium all advanced.
Bullion for immediate delivery gained as much as 0.2 per cent to $US1231.53 an ounce and traded 10 cents higher at $US1229.55. The precious metal touched $US1232.55 yesterday, the highest level since July 1.
“Investors are seeking gold amid uncertainty over the stock, currency and debt markets,” said Hiroyuki Kikukawa, general manager of research at IDO Securities. “An increase in holdings of exchange-traded funds linked to gold is evidence for investors’ preference of gold.”
