The price of gold is about $5000 an ounce for the first time – and it’s not just investors in the commodity with a glint in their eyes. Money managers see fertile ground to do good business, reopening or launching gold funds as a wall of cash heads toward the safe haven asset amid worries the Trump administration’s economic plans spell trouble for sharemarkets.
Gold quoted in the local currency, a measure widely used by Australian miners, hit $5028 an ounce on Tuesday while the more widely quoted US dollar price also reached an all-time high above $US3133 an ounce.
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Alex Gluyas is deputy markets editor and a reporter based in our Melbourne newsroom. Connect with Alex on Twitter. Email Alex at alex.gluyas@afr.com
Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
