Gold rose to a three-month high yesterday on the back of increased geopolitical tensions and a weaker dollar, while platinum breached $1,500 a troy ounce for the first time since September.
The yellow metal reached $1,332.10 a troy ounce in morning trading, the highest level since March 24, before easing slightly to $1,330 an ounce by mid-afternoon. Since the start of June, the gold price has increased by 6.4 per cent.
The gains are partly explained by strong inflows into gold-backed exchange traded funds on Monday. ETF holdings increased by 229,000 ounces, the largest daily rise since May. Last year’s mass ETF investor sell-off helped cause gold to lose more than a quarter of its value, bringing a 12-year bull run to an end.
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