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Gold surges more than 6% on safe-haven buying

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Market Watch
Friday, November 21, 2008

NEW YORK (MarketWatch) — Gold futures surged more than 6% Friday, poised for their biggest weekly gain in two months, as wary investors returned to the safety of the precious metal. Other metals also moved broadly higher.

Gold futures rallied $46.30, gaining 6.2% to $795 an ounce on the Comex division of the New York Mercantile Exchange. The benchmark contract was poised to end the week up more than 6%, the biggest weekly percentage gain since the week ended Sept. 19.


The metal topped $900 an ounce in September after the collapse of Lehman Brothers. But it has since seen roller-coaster dives that sent gold below the $700 mark in October, as banks and funds liquidated their precious-metal assets for much-needed cash in the face of the credit crunch.

Chart of GLD

Recent gains in gold indicate that investment interests may have returned, analysts said.
“The metal benefited from the return of safe-haven investment demand,” said James Moore, a precious metal’s analyst at TheBullionDesk.com.
Gold is now more than 10% higher than its October low. But comparing with its record high above $1,000 hit in March, the metal is still down more than 20%.
Peter Spina, editor at GoldSeek.com, said a break above $750 an ounce could quickly send gold prices toward — and potentially above — $800.

Full story here.

This article was posted: Friday, November 21, 2008 at 11:17 am

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