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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

Bloomberg [1]
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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Gold Rises Most in Three Weeks as Slump May Spur Jump in Demand 150410banner1 [2]

“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. [1]


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URLs in this post:

[1] Bloomberg: http://www.businessweek.com/news/2010-07-09/gold-rises-most-in-three-weeks-as-slump-may-spur-jump-in-demand.html

[2] Image: http://infowars-shop.stores.yahoo.net/inemnewwoord.html

[3] Gold Climbs to Record as Dollar, Inflation Outlook Spur Demand: http://www.prisonplanet.com/gold-hits-record-high-close-to-1064.html

[4] 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

[5] 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

[6] 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

[7] 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

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