21
July
Gold May Climb for Second Day on Price Drop, Increased Commodities Demand
21 July 2010 Bloomberg.com
Gold may gain for a second day in New York on speculation the metal’s price decline will boost physical demand and as investors buy commodities.
Bullion rebounded yesterday after earlier dropping to an eight-week low of $1,175.10 an ounce, while holdings in the world’s biggest gold-backed exchange-traded fund fell 6.08 metric tons. The metal is trading 5.6 percent below a record $1,266.50 set June 21. European equities gained and the dollar rose against the euro before Federal Reserve Chairman Ben S. Bernanke speaks today on the economy.
