- Prison Planet.com - http://www.prisonplanet.com -
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.
(ARTICLE CONTINUES BELOW)
“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.
Full story here. 
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/gold-rises-most-in-three-weeks-as-slump-may-spur-jump-in-demand.html
URLs in this post:
 Bloomberg: http://www.businessweek.com/news/2010-07-09/gold-rises-most-in-three-weeks-as-slump-may-spur-jump-in-demand.html
 Image: http://infowars-shop.stores.yahoo.net/inemnewwoord.html
 Gold Climbs to Record as Dollar, Inflation Outlook Spur Demand: http://www.prisonplanet.com/gold-hits-record-high-close-to-1064.html
 Gold rises to three-month high as weaker dollar spurs demand: http://www.prisonplanet.com/gold-rises-to-three-month-high-as-weaker-dollar-spurs-demand.html
 U.S. Mint Sales of Gold Coins Jump to Highest in Three Years: http://www.prisonplanet.com/u-s-mint-sales-of-gold-coins-jump-to-highest-in-three-years.html
 Gold Rises Most in 8 Years as Investors Seek Haven From Turmoil: http://www.prisonplanet.com/gold-rises-most-in-8-years-as-investors-seek-haven-from-turmoil.html
 Gold Rises Most in a Week on Middle East, South Asia Tensions: http://www.prisonplanet.com/gold-rises-most-in-a-week-on-middle-east-south-asia-tensions.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.