Gold futures tack on as much as $18 an ounce

Gold futures tacked on as much as $18 an ounce Thursday as concerns about the U.S. economy and Europe’s sovereign debt crisis and Japan’s intervention in the currency market to stem the rise in the yen sent investors into their defensive shells — and to gold as a safe haven.

“Gold is still proving its character as a store of value in the current market environment, marked by equity markets tumbling sharply, in part, and continued high risk aversion,” analysts at Commerzbank said in a note to clients Thursday. “And the yellow precious metal evidently still has strong support.”

Gold futures for December delivery /quotes/zigman/661658 GC1Z +0.92% at recent check had added $12.50, or 0.8%, to $1,678.80 an ounce on the Comex division of the New York Mercantile Exchange, pulling back a bit from a climb of as much as $18 to an intraday high of $1,684.70.

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- Posted: 2011-08-04 10:00:21

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