Markets: Sovereign's secure bet

Sovereign Gold chief Michael Leu reckons the price of gold has bottomed as capital flocks to the security of bullion.

The price of gold may have bottomed and will probably trade between $US1300 and $US1400 an ounce for the rest of the year, says Michael Leu, chief executive of Sovereign Gold.

At 1044 AEST spot gold was at $US1334.22 – that’s up 11 per cent from June 27 when bullion fell to $US1200.65. Leu says there is little chance gold will fall its June 27 prices anytime during the rest of the year.

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