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Oil and commodities hit as gold soars

The price of gold hit record highs this week as investors continued to search for safety in the midst of the market turmoil.

The price of gold opened at $1,721 per ounce on Tuesday before surging to $1,779.

The price of Brent crude oil dipped below $100 per barrel for the first time since February 2011.

Commodity markets, including oil, saw sell-offs owing to concerns about a slowdown in global economic growth.

Markets opened at $103.15 for Brent crude oil on Tuesday, then dropped to $98.74, before rising to over $104.

Aberdeen co-head of multi-manager Graham Duce says his team remain positive on gold and have recently added a small amount to their portfolios through the BlackRock gold and general fund.

He says: “We feel there is value in gold with mining shares operating at around a 25 per cent discount to gold bullion. The prospect of QE3 is also likely to help the gold price as well.

“Oil has been expected to pull back amid concerns over global economic growth. We feel the growth rate will stabilise but it will not be at the levels it has been.”

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