Gold Prices Surge on Sour GDP Data |
| TheStreet.com - Jul 29, 2011 |
Gold prices closed at a record high Friday after a lackluster reading on gross domestic product for the second quarter.
Gold for December delivery rose $15 at $1,631.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,637.50, an intraday record, and as low as $1,613 while the spot gold price was up $7.80, according to Kitco's gold index.
Silver prices for September settled up 31 cents to $40.10 an ounce. The U.S. dollar index was losing 0.40% at $73.82 while the euro was up 0.34% vs. the dollar.
The dollar was losing steam and gold prices were benefiting after news broke that the U.S. economy grew at a slower-than-expected pace of 1.3% in the second-quarter, according to the Department of Commerce's advance reading on gross domestic product. That compares with first-quarter growth of 0.4%, which was downwardly revised from initially reported expansion of 1.9%. Economists had been anticipating second-quarter growth of 1.7%, according to Briefing.com.
Read Full Article from TheStreet.com
- Posted: 2011-07-29 22:00:10
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