Gold Gains Near Record in New York on Bernanke Stimulus Comments |
| Bloomberg - Dec 6, 2010 |
Gold gained near a record in New York on concern the U.S. economy may need more stimulus, boosting demand for a protection of wealth. Silver advanced to a 30-year high.
The dollar climbed against the euro as European officials voiced divisions over the steps needed to stop the sovereign- debt crisis. Federal Reserve Chairman Ben S. Bernanke said the central bank may boost Treasury purchases to prop up the economy. Gold futures, which usually move inversely to the dollar, traded within 1 percent of a record $1,424.30 an ounce set on Nov. 9.
Bernanke’s comments “are largely bullish for precious metals,” Walter de Wet, an analyst at Standard Bank Plc in London, wrote in a report. “More liquidity means a further boost for precious metals, especially gold, as well as a weaker dollar.”
Gold futures for February delivery added as much as $13.80, or 1 percent, to $1,420 an ounce and traded at $1,415.50 at 8 a.m. on the Comex in New York. The metal for immediate delivery in London was little changed at $1,414.45.
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- Posted: 2010-12-06 09:27:06
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