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Refuge Demand Sends Gold To Record Above $1,670

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Matt Day
Wall Street Journal
August 3, 2011

NEW YORK (Dow Jones)–Gold futures continued their march into record territory Wednesday, with investors seeking a refuge as the euro-zone debt crisis and signs of sluggish global growth clouded the outlook for other assets.

The most actively traded gold contract, for December delivery, recently traded $28.60, or 1.7%, higher, at $1,673.10 a troy ounce on the Comex division of the New York Mercantile Exchange. Futures rose as high as $1,675.90/Oz, a record intraday high for a most-active contract.

Gold futures paused Monday, as the weekend agreement between Congressional leaders and the White House to raise the U.S. debt ceiling muted investor demand for a refuge. Investors had piled into gold during weeks of stalled talks on the borrowing limit on the chance that the U.S. would default or see its credit rating downgraded.

But futures resumed their upward march Tuesday, as worries that a global economic slowdown took center stage. Recent manufacturing data from China, Europe, and the U.S. suggest slowing growth, while market watchers are raising alarm over rattled bond markets in debt-laden Italy and Spain. Investors also remain cautious as the U.S. may yet face a downgrade of its credit rating despite the debt deal.

Full story here.

This article was posted: Wednesday, August 3, 2011 at 7:56 am

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