Gold Gains Further Supports from Currency Intervention

Intensifying concerns over global macroeconomic slowdown have led to rising demand on safe-haven assets, e.g.: gold, Japanese yen and Swiss franc, which has in turns triggered central bankers to intervene in the market to avoid excessive appreciation in their countries' currencies. With both the BOJ and SNB intervening in the currency market, more investors will turn to gold and send the metal's price even higher. The benchmark Comex contract surged to a new record high of 1675.9 before settling at 1666.3, up +1.33%. Price remains strong in Asia today.

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Gold Gains Further Supports from Currency Intervention