Gold Jumps as Safe-Haven Buying Continues
over the financial markets continued to seek
solace on Tuesday with the traditional safety of
precious metals over a volatile stock market.
New York silver, gold and platinum futures
climbed 0.8 percent, 1.8 percent and 4 percent,
As if to mark the latest surge, as of Monday,
physical demand for the yellow metal has
outstripped the U.S. Mintís supply of several
November crude moved above the $90 barrier after
experiencing four previous day losses. It gained
$2.25, or 2.6 percent, to end at $90.06 per
December silver gained 9 cents to close to
$11.38 an ounce.
October platinum climbed $39 to end at $1012.20
December gold surged higher by $15.80 to close
to $882 an ounce.
"Gold prices widened their trading range ($860
to $890 overnight) but the bias favored advances
to higher ground, as safe-haven buying received
further participants from among anxiety-ridden
global investors," said senior analyst Jon
Nadler at Kitco Bullion Dealers.
"As the going got tougher, gold got going. The
metal once again faces a good opportunity to
make an assault on the $900 to $925 range - a
feat that has run into a few snags of late,"
Gold generally follows oilís direction and moves
opposite to the U.S. dollar, as a weakened
dollar encourages investors to buy gold, also
considered a hedge or safe-haven during times of
high inflation and economic uncertainty.