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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