Gold May Climb Toward Record as Global Slowdown Increases Demand for Haven |
| Bloomberg - Aug 3, 2011 |
Gold traded near an all-time high on speculation that the U.S. Federal Reserve may provide additional stimulus amid signs that the economic recovery is faltering, spurring demand for wealth protection.
Immediate-delivery gold, which jumped to a record $1,672.80 an ounce yesterday, was little changed at $1,663.45 at 9:35 a.m. in Singapore. Spot gold has rallied 2.2 percent this week as investors sought haven assets on concern that debt problems in the U.S. and Europe will slow growth. Holdings in exchange- traded products rose to 2,178.467 metric tons yesterday, the highest level ever, Bloomberg data show.
Reports today and tomorrow may show initial U.S. jobless claims climbed last week, while the unemployment rate remained above 9 percent, according to Bloomberg surveys. There’s a 50 percent chance of another recession, Harvard University economics professor Martin Feldstein, a member of the Business Cycle Dating Committee, said on Aug. 2.
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- Posted: 2011-08-03 21:36:44
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