Investors shun paper currencies, pile into gold

Gold jumped on Thursday as investors shunned paper currencies and piled into gold, while the market shrugged off dollar moves and news that the IMF would sell gold in the open market.

Spot gold was bid at $1,120.55 an ounce at 1604 GMT (11:04 a.m. EST), against $1,106.00 late in New York on Wednesday when it touched a one-month high of $1,126.85 an ounce.

After New York opened persistent buying pushed the precious metal up to a session high of $1,123.30 an ounce from an earlier low of $1,097.80 seen as the market reacted to the IMF news.

"Some people who didn't want to be in dollars, now don't want to be in euros or yen, they don't want currencies," said David Thurtell, analyst at Citi. "Gold is something you can get your teeth into."

Read Full Article from Reuters

- Posted: 2010-02-18 10:22:05

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