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Gold crosses $500 mark
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The driving force is its appeal as a hedge against currency weakness
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Hedge fund looking to China Russia, Argentina and Sough Africa to increase gold reserves
TOKYO:
Gold prices broke through the critical threshold of $500 an ounce in Asian trading on Tuesday for the first time since late 1987, driven by investor demand for the metal as a diversifying asset.
A fourth consecutive day of strong Japanese buying sent gold above the milestone, traders said, bringing the metal's gains to 10 per cent in less than four weeks.
Spot gold rose as high as $502.80 in intraday trading before slipping back to $500.60 late Tuesday in Asia.
Driving the momentum is gold's appeal as a hedge against currency weakness, inflation and financial instabilities in general, traders said.
Japanese participants are apparently being encouraged by strong technical trends and possibly concerns about further yen weakness, Barclays Capital said in a report.
— AP
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