London, England -- (SBWIRE) -- 09/29/2011 -- Spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 27th September 2011.
Gold has edged higher in commodity trading today (September 27th) as investors look for a safe haven amid the possibility of Greece defaulting on its debt.
According to Bloomberg, spot gold has bounced back after shedding 8.8 per cent of its value in the past three days - the biggest fall since Lehman Brothers collapsed three years ago.
It was priced at $1,651.25 (£1,059.24) per ounce by 15:17 local time in Singapore, after earlier adding as much as 1.9 per cent to hit $1,657.63 per ounce.
Bullion for December delivery, which had fallen 11.8 per cent over the past three days, added as much as 4.1 per cent in New York, hitting a high of $1,660.20 an ounce.
Partner at Silver Arrow Capital Management Gijsbert Groenewegen said there is currently "a great opportunity to accumulate more gold and silver".
"When the market gets very panicky, they sell everything off and they go for cash and Treasuries," he observed.
Gold has proven to be a popular investment asset throughout much of the economic downturn, as it offers a safe haven and protects against the risks of inflation.
See how you can trade CFDs with City Index
Spread betting and CFDs are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.
Start spread betting: http://www.cityindex.co.uk/spread-betting/start-spread-betting.aspx
Start CFD trading: http://www.cityindex.co.uk/cfd-trading/start-trading-cfds.aspx
* Spread betting and CFD trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.
About City Index
Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.
As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFD trading and, in the UK, financial spread betting.
We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support. Visit http://www.cityindex.co.uk/ for more information.