U.S. Stalemate Lifts Gold to a Record |
| Wall Street Journal - Jul 25, 2011 |
Gold extended gains to a new high overnight and remains in record territory as gridlock over raising the U.S. national debt limit stokes fears of a possible default.
Gold prices vaulted to a record $1,624.30 a troy ounce shortly after electronic trading opened Sunday night as buyers in Asia leapt at the chance to protect their wealth from rising uncertainty.
"The classic safe haven, gold, is reaping the benefit of the mounting aversion to risk," analysts at Commerzbank wrote. "As long as the markets remain in a state of uncertainty—the main spectre at present being the U.S. facing quasi-bankruptcy and its rating possibly being downgraded—gold prices are sure to rise."
Gold for August delivery, the most actively traded contract, was up $16.70, or 1%, at $1,618.20 a troy ounce in early trade on the Comex division of the New York Mercantile Exchange
Read Full Article from Wall Street Journal
- Posted: 2011-07-25 11:56:12
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