Gold rises to above $900 on safe-haven buying
By Daniel at 29 September, 2008, 11:18 am
NEW YORK (MarketWatch) — Gold futures rose to above $900 an ounce Monday, as
bank woes across the Atlantic Ocean triggered safe-haven buying while the $700
billion plan to rescue the ailing U.S. financial sector was awaiting a vote in
Congress.
Meanwhile the U.S. dollar rose sharply against its major rivals, limiting gains
in dollar-denominated gold prices.
Gold for December delivery rose $14.50, or 1.6%, to $903 an ounce on the Comex
division of the New York Mercantile Exchange. It fell to $881 earlier. The
precious metal ended last week’s trading up 2.8%.
“[Metals] trading will remain extremely volatile in the days ahead as the markets
digest the implications of the bailout,” wrote Edward Meir, an analyst at futures
brokerage MF Global.
“Gold’s safe haven credentials are set to come into their own again as the global
financial and capitalist system itself is creaking at the seams,” said Mark
O’Byrne, executive director at Gold and Silver Investment.
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