Gold Surges to Record on Haven Demand
Source: Bloomberg, Pham-Duy Nguyen and Nicholas Larkin (7/25/11)
"Gold futures rose as U.S. lawmakers failed to reach an agreement on raising the federal debt limit."
Gold futures climbed to a record $1,624.30 an ounce as U.S. lawmakers failed to reach an agreement on raising the federal debt limit, boosting demand for the metal as a haven investment.
U.S. House Speaker John Boehner plans to press ahead with a two-step debt-limit extension that President Barack Obama has threatened to veto, fueling concern the nation is lurching toward a default as early as Aug. 2. Greece's credit rating was cut three notches by Moody's Investors Service. Europe's debt woes drove gold to all-time highs in euros and pounds last week.
Gold futures for August delivery rose $14.20, or 0.9%. . .View full article