Financial Briefs

Breaking financial news from Wall Street to Main Street

Gold: Why Asia was spot on

Posted by financialbriefs on September 23, 2008

Just as people who study oil prices look too much at the New York and London spot price, those who study gold prices look too much at the New York spot price and the twice-daily London fixes. Wednesday’s phenomenal rise in the price of gold in New York was presaged in Asia. The day before, the spot price rose US$20 in Asian markets as investors dumping stocks began to shift to gold as a safe haven.

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