23
August
Gold Gains as Concern Economic Recovery is Faltering Fuels Investor Demand
23 August 2010 Bloomberg.com
Gold advanced in Asia, rebounding from its biggest decline in more than a week, as concerns that the global economic recovery is faltering helped fuel investor interest in the metal as a store of value.
Gold for immediate delivery rose 0.2 percent to $1,229.73 an ounce at 1:16 p.m. in Singapore, after dropping 0.4 percent on Aug. 20 as the dollar jumped as much as 1 percent. December- delivery futures gained 0.2 percent to $1,231.40 an ounce.
“Gold may attempt to build a base above $1,220 before continuing on its upward trend,” said Ong Yi Ling, Singapore- based investment analyst with Phillip Futures Pte Ltd. “Concerns over the economic recovery will continue to support gold prices.”
