The price of gold hit a more than six-year high this morning as investors looked for a safe haven for their money amid protests in Hong Kong and fears of a crash.
Spot gold prices were up 1.2 per cent by around 8.30am to $1,523 per ounce.
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It surpasses the price of gold at any point since April 2013, while US futures also rose, hitting $1,535.
It came after weeks of anti-government protests in Hong Kong, with demonstrators yesterday occupying the city’s airport, stopping all flights.
Protesters took to the streets after the government proposed a bill which would allow citizens to be deported to mainland China.
Meanwhile a loss for pro-business President Mauricio Macri in the Argentinian presidential primaries, spooked holders of the peso. The currency dropped 25 per cent yesterday.
And in the US and Europe markets fared poorly yesterday.
“Gold is the winner in all this,” said Neil Wilson at Markets.com, a trading platform. He added that if the price breaks through $1,525 it could rise further to the $1,550 mark.
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The rise in the price of the metal, normally a safe haven during times of crisis, sparked fear among some analysts that a downturn may be on the horizon.
Michael Hewson at CMC Markets, a financial derivatives dealer, said the price raises “concerns that stock markets may well be about to take a sharp trip back to the lows last seen at the end of last year.”