>>$1260 - Gold Rises to a Record in London, New York on European Concern
By Nicholas Larkin - Jun 18, 2010
Gold rose to a record in London and New York as investors bought the metal to protect wealth from Europe’s financial turbulence and on concern that the economic recovery isn’t as strong as expected.
Gold rose to $1,258.25 an ounce in London and futures reached $1,260.90 in New York. The metal is heading for a 10th straight annual increase, the longest run since at least 1920, amid speculation that debt-cutting measures by European nations will slow growth. U.S. data yesterday showed slowing manufacturing growth and an increase in jobless claims.
The metal’s “unique property as the ultimate safe-haven currency is making gold an attractive investment,” said Bayram Dincer, a commodity analyst at LGT Capital Management in Pfaeffikon, Switzerland. “Gold’s recent price move is a function of euro-zone debt worries. Investors are looking to substitute assets and currencies with gold.”
Gold for immediate delivery was up 1 percent at $1,257.63 an ounce at 12:47 p.m. in London. Gold futures for delivery in August were up 0.8 percent at $1,259.10 an ounce on the Comex in New York.
To contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net.
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