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Gold Rises Most in Three Weeks as Slump May Spur Jump in Demand
Posted By admin On July 9, 2010 @ 1:26 pm In Money Watch | Comments Disabled
Friday, July 9, 2010
July 9 (Bloomberg) — Gold rose the most in three weeks on speculation that the lowest prices since May will revive demand for the precious metal.
Gold futures settled below $1,200 an ounce on each of the past three days after rallying to a record $1,266.50 on June 21. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, have dropped 0.3 percent from an all- time high on June 29.
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“We’ve got some aggressive buyers coming in today,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “People still want to be long gold. They’re all willing to buy gold on the dips, but they’re not willing to chase the highs.”
Gold futures for August delivery rose $13.70, or 1.1 percent, to $1,209.80 on the Comex in New York, the biggest gain since June 17. On July 7, the metal touched $1,185, the lowest level for the most-active contract since May 24.
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