Gold Climbs, Poised to Break Losing Streak
Source: MarketWatch, Myra F. Saefong and Virginia Harrison (8/15/11)
"Gold's current strength indicates long-term economic concern, globally and domestically."
Gold futures climbed Monday, with weak U.S. economic data and declines in the dollar providing some support, while rising risk appetite lured some bargain-hunting investors out of their defensive shells and into the equities market, capping the metal's gains.
Gold for December delivery tacked on $5.90, or 0.3%, to $1,748.50 an ounce on the Comex division of the New York Mercantile Exchange, recovering after touching a low of $1,730.80 in electronic trading.
Prices had wavered between gains and losses early on in the regular trading session.
But gold's current strength indicates long-term economic concern, globally and domestically, said Darin Newsom, senior analyst at Telvent DTN.
In the year to date, gold prices are up more than 20% as concerns about the strength of the global economic recovery have boosted the safe-haven investment appeal of the metal . . .View Full Article