Johannesburg - The spot price of gold rose over two percent on Tuesday, hitting its high for 2009.
At 3.15pm, gold was trading at $963.80 a troy ounce, up over two percent.
According to local gold commentator Shaun Katz, risk-averse investors are seeking out the yellow metal as a safe haven.
"It's risk aversion - the equities markets are getting weaker, our currency is also getting weaker and the dollar is getting stronger," Katz said.
"If we continue to see pessimism surround equities markets then I see gold going to beyond $1 000," Katz said.
On Tuesday, news of Russia's central bank adding to its gold reserves also encouraged buying.
- Sapa
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