Gold Soars to Record as Economic Concerns Spur Demand for Haven

Gold futures surged to a record $1,645.80 an ounce as escalating concern that the global economy is losing momentum spurred demand for the precious metal as an investment haven.

U.S. equities headed for the longest slump since 2008 after a report showed that consumer spending unexpectedly dropped in June for the first time in almost two years. Manufacturing indexes in the U.S., Europe and China declined in July. Gold climbed to all-time highs in euros, pounds and Canadian dollars.

“The flight-to-quality money is flowing into gold,” Adam Klopfenstein, a senior strategist at MF Global Holdings Ltd. in Chicago, said in a telephone interview. “There’s a lot of uncertainty about the global economic recovery.”

Read Full Article from BusinessWeek

- Posted: 2011-08-02 12:04:23

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