Gold exchange traded funds opened higher Thursday as the precious metal reclaimed $1,800 an ounce while European markets fell hard on lingering debt woes.
SPDR Gold Shares (NYSEArca: GLD), ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) and iShares Gold Trust (NYSEArca: IAU) were up about 1.5%.
Gold prices were rising Thursday after Wells Fargo earlier this week said the yellow metal is a “bubble that is poised to burst.”
“There could be substantial risk to gold once the fear that the world is coming to an end subsides,” Wells Fargo analyst Dean Junkans told Bloomberg. “We are worried about the downward risk.” [Gold ETFs Slightly Higher; Wells Fargo Warns on Bubble]
Still, gold prices were higher Thursday as investors rushed into safe havens and European stocks suffered heavy losses. In U.S. economic data, July inflation was hotter than expected.