Friday, July 11, 2014

Gold Heads for Longest Weekly Rally Since March

Gold traded near the highest in almost four months, heading for the longest run of weekly gains since March, as concerns about Europe’s economy and the Middle East boosted haven demand. Palladium was near a 13-year high. Gold rallied as much as 1.3 percent yesterday after a company linked to Portugal’s second-largest bank missed debt payments, re-igniting concern about Europe’s sovereign-debt crisis. Banco Espirito Santo SA said today it has exposure of 1.18 billion euros ($1.6 billion) to companies of Grupo Espirito Santo. Israel called up 33K reserve soldiers, intensifying its response to Hamas rocket attacks from Gaza. Bullion for immediate delivery was little changed at $1,335.59 an ounce after rising as much as 0.2% to $1,338.99 an ounce.
The metal rallied to $1,345.17 yesterday, the highest price since March 19, and is heading for a sixth weekly climb. Gold for August delivery traded at $1,336.40 an ounce on the Comex in New York on volumes that were 33% below the 100-day average for this time of the day.

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