Gold Glimmers for Investors Seeking a Safe Haven
Global gold holdings topped 2,000 metric tons for the first time in three years as the Brexit fallout and speculation that U.S. interest rates won’t rise anytime soon sent investors hunting for a haven. Holdings in bullion-backed exchange-traded funds rose 4.1 tons to 2,001.4 tons on Wednesday, data compiled by Bloomberg show. That’s larger than gold reserves held by China, the biggest consumer and a consistent central-bank buyer in recent months. The latest increase followed the biggest one-day gain since 2009 in the SPDR Gold Shares, the largest gold ETF. UBS CIO of Ultra High Net Worth Simon Smiles discusses with Bloomberg's Francine Lacqua on "The Pulse."
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