6th February 2012
Investors in Asia have made significant moves to put their money into precious metals after a significant fall in gold prices was seen last Friday (February 3rd).
A nearly two per cent fall for the precious metal was witnessed in the final session of last week after surprisingly strong US jobs data boosted equities and commodities, the Economic Times reports.
"There has been quite a lot of buying since Shanghai opened," a US-based trader told the publication.
"We will be supported around $1,730 in the next few hours, although when Europe comes in it would be an entirely different picture."
As a result of the shift, investors are putting funds into the commodity, especially as it is believed gold prices will continue to rise over the coming months.
Last month, gold prices rose to a six-week high of $1,710.19 an ounce following an announcement by the US Federal Reserve that it plans to maintain the country's present low level of interest for at least the next two years.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.