Investors searching for a safe haven piled into gold funds as stock markets in the UK and US were spooked by economic sanctions on Russia and Argentina defaulting on its debt.
Last week investors put $106m (£63m) into exchange traded funds that are backed by gold, the latest data from ETF Securities reveals.
Exchange traded funds are seen as a low cost way into the yellow metal by offering investors a share in a fund that is backed by purchasing physical gold.
The investment came as the US increased economic sanctions on Russia in light of the Malaysian Airlines MH17 crash in Ukraine, and Standard and Poor’s the rating agency declared Argentina had defaulted on payments on $13bn of its government bonds.
Source The Telegraph
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