Comex Gold Climbs Back Above $1,200/Oz
Source: The Wall Street Journal, Allen Sykora (5/26/10)
Investors turned to the yellow metal as a safe haven.
Gold climbed back above $1,200 an ounce Wednesday, as investors once again turned to the yellow metal as a safe haven due to ongoing worries about European sovereign debt and tensions on the Korean peninsula. Analysts describe the buying as a continuation of recent sentiment. Improvement in other markets also aided the gold price, as investors didn't need to sell the metal to offset losses elsewhere.