Gold firmed to a fresh seven month high in Europe on Wednesday as investors spooked by the outlook for the financial system bought gold and bullion-backed exchange-traded funds as a safe store of value.
Holdings of the world's largest gold-backed ETF, the SPDR Gold Trust, leapt to a record high above 1,000 tonnes on Tuesday as fears of a deepening global recession and the prospect of inflation fuelled buying.
Spot gold
hit a high of $973.50, its strongest since July 22, and was quoted at $967.35/968.95 an ounce at 1031 GMT, little changed from $968.35 late in New York on Tuesday.
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