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All that glitters

Gold is seen as a safe-haven asset in times of economic and political uncertainty, but there are many factors that drive its price.

Published Sun, Apr 19, 2015 · 09:50 PM
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ACROSS centuries, from the mythical King Midas's golden touch to the California gold rush, gold has long been recognised as a symbol of wealth and power. Because of its lustre, rarity and durability, the precious metal is highly sought after for jewellery making and investment purposes - among other uses.

Despite its allure, gold has its fair share of critics. One of these is renowned value investor Warren Buffett, who dismisses the precious metal as an unproductive asset that is "valuable only because people believe it to be valuable".

But before you make up your mind on gold, let's scratch below the yellow metal's shimmering surface. On Friday, gold traded at US$1204.08 per troy ounce on the Comex (June 2015 contract), but what exactly drives gold prices?

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