PRECIOUS METALS: Gold Hits Record As Econ Worries Rise Again
NEW YORK (Dow Jones)--Investors propelled gold to record highs Tuesday as they continued buying the precious metal as a way to offset potential losses from a faltering global economic recovery and dollar.
The most actively traded gold contract, for December delivery, rose $24.60, or 2%, to a record settlement of $1,271.70 an ounce on the Comex division of the New York Mercantile Exchange. The intraday high was $1,276.50. Nearby but thinly traded September gold also settled at a record, $1,269.70, up $24.60, or 2%.
Gold--seen as a relatively safe place to park cash during times of economic uncertainty--took a bump ...
Gold also has a backdrop of support from seasonal factors and on news that Russian production of the metal is on the decline, noted Ira Epstein, director of the Ira Epstein division of the Linn Group. Figures released by the gold producers' union Tuesday showed Russia produced 3.6% less gold in the first seven months of 2010 than in 2009. September also often is a stronger month for gold as market participants return from summer holidays and festival- and wedding-related buying ramps up in India...
Silver $20.51 and upward... How high silver will reach during this Sept-Nov bull run season? this is getting fun..
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