Gold prices were a little higher yesterday morning.
At $1.203.50 an ounce, the price was up $10.85, or 0.91%.
But the bigger picture remains distinctly mixed, with bullion prices failing fully to capitalise on gold’s status as a safe haven in times of trouble, despite there being no shortage of political and economic flashpoints around the world.
The last month has seen some strengthening of the price, which has risen from $1,195.75 an ounce on 4 September to $1,203.50 on 3 October. During that period, the high point was seen on 21 September, at $1,207.60 while the low was on 28 September, at $1,183.50.
Silver price also down
Over a longer timescale it is a different story. In the 12 months to 3 October the price has lost more than $70 an ounce. It stood at $1,275.55 on 4 October 2017 and had fallen to $1,203.50 by 3 October this year, a 5.6% decline.
During that period, the high point was on 25 January at $1,360.25, and the low point of $1,176.70 was seen on 17 August.
Gold’s safe haven status arises from the unique properties of the yellow metal. It is universally acceptable as a means of exchange and, in the form of coins and jewellery, gold is relatively portable. It’s a rather important consideration for people fleeing war or persecution or who may simply need, for whatever reason, to move their wealth without delay.