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Rush to gold as buyers mull metal’s diversifying benefits

With gold having no intrinsic value, its attraction is governed by sentiment alone, and some buyers think there are more reasons to be positive now than in the past.

Architas investment manager Nathan Sweeney said he had increased a position in the metal this year, calling it a “prudent” diversifier.

Ben Seager-Scott, director of investment strategy at Tilney, described himself as “incredibly wary” of gold, but said the metal did have a position in the firm’s portfolios.

“I’m not holding it specifically against inflation risks, rather it’s for diversification versus bonds and equities, which look expensive after years of excess liquidity from central banks,” he said.

“Even though history has shown it shouldn’t be thought of as a ‘safe haven’, it could nevertheless be an attractive store of wealth if there is a market correction.”

Rush to gold as buyers mull metal’s diversifying benefits