Price of Gold Rising on Global Concerns, Soros Warns of Market Crisis

Finance and Trade
07/01/2016 09:36

After posting a third successive year of declines in 2015, gold is pushing higher boosted by a host of troubles. Jewelry manufacturers will be keeping a close eye on developments as they seek to plan jewelry lines going forward. Gold bullion has been heading for the $1,100 an ounce level in recent days and rising to a two-month high after Chinese shares plunged, the yuan was devalued and the country’s stock exchanges closed early for the second time this week, spurring safe haven demand. In addition, rising geopolitical tensions in the Middle East and North Korea together with comments by billionaire investor George Soros that global markets are facing a crisis and that investors need to exercise caution are likely to further boost the price of gold.