Spot gold rises above $4,000 for the first time; car dealer Vertu Motors warns of £5.5m profit hit from JLR disruption – business live

Spot gold extends 50% rally so far this year amid central bank buying and political turmoilGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The price of gold has climbed above $4,000 an ounce for the first time, extending a rally fuelled by worries over political drama in Japan, France and the US, where the federal government shutdown has dragged on.It’s very much like the early ’70s ... where do you put your money in?Gold is a very excellent diversifier in the portfolio. If you look at it just from a strategic asset allocation perspective, you would probably have something like 15% of your portfolio in gold … because it is one asset that does very well when the typical parts of the portfolio go down.Gold has staged a historic rally, doubling in less than two years, spurred by central bank buying as it diversifies away from the US dollar, President Donald Trump’s aggressive trade policy and conflicts in the Middle East and Ukraine.Looking ahead, central banks are still buying – the People’s Bank of China extended its gold buying streak in September for an 11th consecutive month despite record high prices – Trump’s trade war is still pressing on, geopolitical risks remain elevated, and ETF holdings continue to expand while expectations of more Fed rate cuts intensify. All of this suggests that gold has still further room to run.Whilst the situation is fluid, it appears to be easing in recent days.Conservative party conference2pm BST: IMF managing director Kristalina Georgieva speech4pm BST: Huw Pill gives lecture in Birmingham7pm BST: US Federal Reserve minutes of 19 September meeting Continue reading...

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