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Gold Rallies After Dropping From Record

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Glenys Sim
Aug 24, 2011

Gold rebounded after dropping from an all-time high above $1,900 an ounce as investor concern that worsening sovereign-debt crises are exacerbating a global economic slowdown increased demand for a store of value.

Immediate-delivery gold advanced as much as 1.4 percent to $1,853.98 before trading at $1,844.32 at 2:37 p.m. in Singapore. The metal touched a record $1,913.50 yesterday before closing 3.7 percent lower on speculation that the U.S. Federal Reserve will act to stimulate the faltering economy, boosting stocks.

Japan’s sovereign-credit rating was lowered by Moody’s Investors Service today, following the first cut of the U.S.’s sovereign grade this month by Standard & Poor’s. The move comes amid concern the euro-area debt crisis may worsen after German Chancellor Angela Merkel rejected a call by her nation’s Labor Minister Ursula von der Leyen for countries to put up gold as security for bailouts, reflecting euro-area divisions.

“Gold is very well-bid every time prices come off,” said Duan Shihua, head of corporate services at Haitong Futures Co. and the top-rated gold analyst this year in an annual poll by the Futures Daily and Securities Times. “This will keep prices supported as investors continue to look for a safe place to put their money.”

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This article was posted: Wednesday, August 24, 2011 at 3:29 am

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