Gold Breaks Above $1,800 On Growth Fears |
Wall Street Journal - Aug 18, 2011 |
Fears that prospects for growth in the U.S. and Europe were slipping pushed gold futures Thursday to their third record in as many days, as investors fled sinking equities markets and turned to perceived refuge assets.
The most actively traded contract, for December delivery, rose $28.20, or 1.6%, to $1,822 a troy ounce on the Comex division of the New York Mercantile Exchange. Futures earlier rose as high as $1,829.70, an intraday record for the most active contract.
August-delivery gold rose $27.70 to settle at $1,818.90, a record for the nearby contract.
European and U.S. equity markets plunged Thursday, with the financial sector hit particularly hard as investors worried that recent weak global growth data could be a harbinger of renewed recession in developed world. U.S. stock markets fell sharply after separate reports showed that the number of people claiming new jobless benefits rose last week, consumer inflation resumed its climb last month, and business conditions deteriorated this month in the mid-Atlantic region.
The Dow Jones Industrial Average was down more than 400 points at the end of Comex floor trading.
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- Posted: 2011-08-18 14:26:14
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