Gold prices buffeted in September: Standard Bank

Gold prices were buffeted during the month of September in the same way as those of any other asset class, but in keeping with gold’s history as an investment vehicle (as well as a natural resource commodity), prices traded in a narrower range than the rest of the precious metals sector, said a report by Standard Bank on Monday.

The report said that between the start of September and the beginning of October, gold gained about 7% in price, while silver and PGM (Platinum group metals) prices fell. A single snapshot does not tell the whole picture, however, and the market itself experienced a variety of phases as problems escalated in the financial system.

One tangible element was the development of vast fund flows into the major Exchange Traded Funds as investors looked to reduce counterparty risk, it said.