Gold soars to $5000 in ‘once in 40-year gift’ for investors, fundies

The price of gold is about $5000 an ounce for the first time – and it’s not just investors in the commodity with a glint in their eyes. Money managers see fertile ground to do good business, reopening or launching gold funds as a wall of cash heads toward the safe haven asset amid worries the Trump administration’s economic plans spell trouble for sharemarkets.

Gold quoted in the local currency, a measure widely used by Australian miners, hit $5028 an ounce on Tuesday while the more widely quoted US dollar price also reached an all-time high above $US3133 an ounce.

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