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.
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?
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story