Gold price on a high

The price of gold has jumped to its highest price in three months as investors continue safe-haven buying.

The price of gold has jumped to its highest price in three months as investors continue safe-haven buying.

Mining.com reports gold is trading at its highest level since late October, with gold for February delivery fetching 1,235.60 an ounce.

Oil’s continual slide coupled with economic fears in the US were said to be behind the price rally.

Concerns around the Eurozone saw gold climb to 16-month highs there of 1,037.50 per ounce.

“The global markets are closely intertwined, and investors in the European theatre are aggressively reallocating capital, with flows finding their way into US fixed income and gold,” said Peter Hug, director of trading at Kitco Metals, in a note.

 “Unless the equity market in the US moves higher, and the energy sector stabilises, (precious) metals continue to show promise.”

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.