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Tuesday, January 22nd, 2019 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Ends Well in August as it Gains $201 or 12%

The month of August was good for gold as it again proved its worth as a safe haven for assets with its strong price appreciation in the face of unsettled global equity markets propelled by concerns about the health of the economy of the United States and the world in general and the burden of debt in Europe.

Gold gained $201 in August which translates to 12 per cent upward performance for the precious metal in the month under review. December gold gained $1.90 on the last day of the month to trade at $1,831.70 on the Comex division of the New York Mercantile Exchange.

Gold achieved a record high of $1,891.90 per ounce on August 22 only to slip drastically by about 6 per cent just two days later which many analysts have noted to be the worst trading day for gold only comparable to its performance in March 2008.

India, China and Europe were noted for their strong demand for physical gold in August fuelled particularly by the entrenched gold buying local traditions of the Indians and the Chinese. Many wealthy individuals and asset management companies such as hedge funds have also turned to gold as a safe haven from inflation.

Gold accumulation agenda of China were again made public in August when Xia Bin, an adviser of China’s People’s Bank urged China to intensify its efforts at buying gold as a good strategic reserve and other commodities as reported by China Business News.

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