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Gold Settles Near $1,800 as French Fears Sink Stocks

Posted By admin On August 10, 2011 @ 2:10 pm In Money Watch | Comments Disabled

CNBC [1]
Wednesday, August 10, 2011

Gold climbed to a third record in a row over $1,800 an ounce Wednesday, extending its biggest rally since 2008 as a dive in French bank stocks sent new shudders through anxious financial markets.

Although it pared gains late in the day as equity markets pulled up from initial deep losses, gold’s long rally showed few signs of letting up as the locus of traders’ euro zone debt fears shifted from Spain and Italy to France, which traders fretted could be next in line for a debt crisis.

The jitters overshadowed the U.S. Federal Reserve’s unprecedented decision to promise near-zero interest rates for two years. The announcement was a double-edged sword for gold, which retreated during Tuesday’s late Wall Street rally but would also benefit from a prolonged low-yield environment.

Spot gold rose more than 3 percent to hit a high of $1,796.86 an ounce, but pared gains to stand 1.5 percent higher at $1,769. It also hit record highs in euro and sterling terms. U.S. COMEX gold futures briefly topped $1,800, then settled at $1,784.30, up 2.4 percent.

Full story here. [1]


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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/44082090

[2] Foundation for the Study of Cycles: Gold to $2,000 By Late 2011, While Dollar and Stocks will Sink: http://www.prisonplanet.com/foundation-for-the-study-of-cycles-gold-to-2000-by-late-2011-while-dollar-and-stocks-will-sink.html

[3] Gold set for best three-day rise in a month: http://www.prisonplanet.com/gold-set-for-best-three-day-rise-in-a-month.html

[4] Global stocks slip on recession fears, gold rises: http://www.prisonplanet.com/global-stocks-slip-on-recession-fears-gold-rises.html

[5] Stocks Plunge on Economic Fears, Gold Hits Record High: http://www.prisonplanet.com/stocks-plunge-on-economic-fears-gold-hits-record-high.html

[6] Gold rebounds more than 1 pct ahead of Obama speech: http://www.prisonplanet.com/gold-rebounds-more-than-1-pct-ahead-of-obama-speech.html

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