Gold May Extend Rally to Record as Haven Demand Increases

Gold, little changed, traded near a record on demand for a haven against turmoil in the global economy and financial markets. Silver rallied to a 30-month high.

Immediate-delivery gold climbed as much as 0.2 percent to $1,270.60 an ounce before trading at $1,269.80 at 11:53 a.m. Melbourne time. The metal reached a record $1,274.95 yesterday. Silver for immediate delivery gained as much as 0.3 percent to $20.535 an ounce, extending this week’s advance to the highest level since March 2008.

“Gold and silver are moving higher because of the uncertainty in the economic conditions,” Ng Cheng Thye, Singapore-based director with Standard Merchant Bank Ltd. said by phone today. Rallies in platinum and palladium yesterday also supported bullion and may drive further climbs, he said.

Read Full Article from BusinessWeek

- Posted: 2010-09-14 21:41:43

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