Gold Climbs, Poised to Break Losing Streak

Source: MarketWatch, Myra F. Saefong and Virginia Harrison (8/15/11)

"Gold's current strength indicates long-term economic concern, globally and domestically."

MarketWatch, Myra F. Saefong and Virginia Harrison

Gold futures climbed Monday, with weak U.S. economic data and declines in the dollar providing some support, while rising risk appetite lured some bargain-hunting investors out of their defensive shells and into the equities market, capping the metal's gains.

Gold for December delivery tacked on $5.90, or 0.3%, to $1,748.50 an ounce on the Comex division of the New York Mercantile Exchange, recovering after touching a low of $1,730.80 in electronic trading.

Prices had wavered between gains and losses early on in the regular trading session.

But gold's current strength indicates long-term economic concern, globally and domestically, said Darin Newsom, senior analyst at Telvent DTN.

In the year to date, gold prices are up more than 20% as concerns about the strength of the global economic recovery have boosted the safe-haven investment appeal of the metal . . .View Full Article

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