Refiners and recyclers of the precious metal are riding the rally as investor interest returns to gold after years of languishing mostly below the US$1,350 ($1,828) an ounce level. About US$4.9 billion was added to exchange-traded funds linked to the bullion this month, buoyed by a record daily inflow into SPDR Gold Shares, the largest in the commodity space.
(June 26): Fund managers aren’t the only ones feeling the tailwind from gold’s rally to a six-year high.
Empire Gold Buyers saw business activity climb to the highest since 2011, when the precious metal traded at a record, CEO Gene Furman said. At House of Kahn Estate Jewellers, trading of old jewellery is up by almost half since last week, when the Federal Reserve signalled its openness to cut interest rates, propelling bullion prices higher, the company’s president Tobina Kahn said.
