Gold tops closing record on shakier stocks, slow growth |
MarketWatch - Jun 17, 2010 |
Gold futures traded above the past week's record, rising more than 1% on Thursday as investors grew more concerned about the U.S. economy and its proxy, the stock market.
Gold for August delivery, the most active contract, added $17.60 to $1,248 an ounce on the Comex division of the New York Mercantile Exchange. Gold closed at a record $1,245.60 an ounce on June 8.
"Equities are in a precarious situation," said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. Investors feel stocks may be overbought and are turning to the safety of gold, he added.
Momentum buying is also playing a part, as gold broke away from the range it had traded since the June 8 record and the day's round of economic indicators pointed to slower growth in the U.S.
Read Full Article from MarketWatch
- Posted: 2010-06-17 10:42:00
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