Gold has ceased to be the haven for investors after the precious metal fell when the euro was close to collapse last year, billionaire investor George Soros said in an interview with the South China Morning Post.
Soros, founder of the Quantum Fund, told the Post that gold won’t decline as central banks will continue to buy the precious metal. Still, the price will be very volatile from day to day if there’s the prospect of a crisis, with no longer-term trend, he said, according to a transcript of the interview posted on the newspaper’s website today.
Gold has fallen 5.8 percent this year to $1,577.80 an ounce at The bullion averaged a record $1,669 last year.
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