NEW YORK—Gold futures remained in record territory as a safe haven and currency hedge amid worries on the long-term efficacy of the euro-zone bailout package.
Most actively traded gold, for June delivery, in recent activity was up $16.10, or 1.3%, at $1,236.40 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading before the New York floor opened, the contract hit $1,245.40, the highest price ever for a most-active gold.
The euro zone’s sovereign debt issues—in particular those of Greece, Spain and Portugal—continue to fray market nerves despite the European Union’s recently announced $1 trillion rescue package. That is leading participants into gold as a perceived safer place to put their money. The metal has also hit record highs in euros, at €982.61 ($1,248).
“Gold has rallied to a new record high on continuing concerns about sovereign debt contagion and the risk posed to the single currency,” analysts at Dublin-based bullion dealer GoldCore said in a research note.
Historically, gold has been seen by many as a store of value in times of economic and political uncertainty.
That has changed in recent months amid heightened investor interest in gold as a so-called risk play, or investment that people buy when their risk tolerance is high and they hope for higher returns than some safer bets.
The shift back to viewing gold as a safe haven has come as fears of widening debt problems in the euro zone have intensified in recent days. That culminated in the European bailout package of up to €440 billion in loans from euro-zone governments and €60 billion from an EU emergency fund, in addition to €250 billion from the International Monetary Fund. The European Central Bank will also buy bonds in the secondary market in an effort to ensure market stability.
That initially calmed markets, sending gold lower as participants felt less need for a refuge. But as doubts resurface, the metal is once again moving higher.
Some are also viewing the extra euro-zone spending as a potential spark for inflation, which could support gold in another of its historical roles—an inflation hedge.
“The gold price is being driven by … the rising concern of the ‘exit strategy’ for central banks given that the ECB is the latest agency to join the (quantitative easing) bandwagon,” JP Morgan analyst Michael Jansen said in a note.
“Indeed, the perceived breach of the ECB’s independence … adds to the view that in the long-term monetary and fiscal authorities will be forced to choose between anemic economic conditions or monetary-driven inflation.”
By MATT WHITTAKER
Tags: banks, euro zone, european central bank, european union, financial, financial markets, financial system, Global Economy, IMF, interest rates, investors, stock market, us economy
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