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Gold rebounds more than 1 pct ahead of Obama speech

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Rujun Shen
Sept 8, 2011

Gold prices bounced back more than 1 percent on Thursday, boosted by bargain-hunters after the previous session’s fall of 3 percent, ahead of a speech by U.S. President Barack Obama that could allay recession fears.

Obama will lay out a jobs package worth more than $300 billion later on Thursday, after data showed the world’s top economy added no new jobs in August.

Gold prices dipped to below $1,800 in the previous session, triggering a wave of buying during Asian hours. The price of cash gold rose as much as 1.5 percent to $1,843.49 an ounce and pared some gains to $1,840.66 by 0641 GMT.

The most-active U.S. gold futures contract GCcv1 rose 1.6 percent to $1,846.6, before easing to $1,843.50.

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This article was posted: Thursday, September 8, 2011 at 3:14 am

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