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Gold producers were on the march as the price of the precious metal hi…

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Wayne 23-03-27 14:49 view393 Comment0

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Gold producers were on the march as the price of the precious metal hit a record high.
While investors fretted about the health of the banking system and global economy, Latest News gold rose as high as £1,645 an ounce.
That was its highest ever level in sterling terms.
In dollar terms, it rose above $2,000 to just shy of the record set as the pandemic struck before easing back.
Safe haven: As investors fretted about the health of the banking system and global economy, gold rose as high as £1645 an ounce
The rally sent shares in London-listed West African gold producer Endeavour Mining up 4 per cent, or 71p, to 1831p, Fresnillo gained 4.8 per cent, or 34p, to 744p and Centamin added 4.5 per cent, or 4.5p, to 105.15p.
Adrian Ash, director of research at investment platform Bullion Vault, said: ‘Wholesale bullion stands out as the most tradable of physical assets.
‘It's the deep liquidity in gold, added to the security of outright ownership, which is driving this jump in new demand.'
Mining stocks also received a boost from positive broker upgrades.

Glencore rose 3.9 per cent, or 16.7p, to 449.35p after the Bank of America raised its rating to ‘buy' from ‘neutral'.
A similar sentiment was echoed by analysts at UBS, which also upgraded the stock. They said they were ‘encouraged by recent China data which is somewhat stronger than expected'.
RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP Likewise, Anglo American had its rating and target price upgraded by the Bank of America, which said the miner stood to make gains because it is a major platinum producer.

Shares ascended 4.9 per cent, or 122p, to 2626p.
By contrast, oil prices tumbled to their lowest level since December 2021 amid fears over the health of the global economy. Brent crude dropped as low as $70 a barrel at one stage.

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