Gold Moves Higher, Seen as Safe-Haven Play

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"Gold prices were higher Monday as gold offered a haven for investors amid sluggish U.S. economic indicators."

The Street Joe Deaux

Gold prices were higher Monday as gold offered a haven for investors amid sluggish U.S. economic indicators.

Gold for August delivery was rising $5.60 at $1,572.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,577.30 and as low as $1,566.90 during the session, while the spot price declined 70 cents, according to Kitco.com.

"I wouldn't be surprised if we see a little bit of short-covering today, if we don't get the extension downward a lot of it is looking at that European summit that's later on in the week -- that's the primary focus," said Phil Streible, senior commodities broker at RJO Futures.

Silver was gaining about 7 cents at $26.74, while the U.S. dollar index was up 0.36% to $82.51.

George Gero, financial consultant at RBC Wealth Management, said he thinks investors will turn to gold as a safe haven this week. . .View Full Article

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