1
July
Gold Price Rises in New York as Weak Labor Market Stokes Demand for Haven
1 July 2010 Bloomberg.com
Gold rose, capping the biggest quarterly gain in more than two years, as signs of a struggling U.S. labor market and a fragile economic recovery stoked demand for the metal as a store of value.
The U.S.’s rebound from the worst recession since the 1930s faces risks from the European-debt crisis, Federal Reserve Bank of Atlanta President Dennis Lockhart said today. U.S. companies hired fewer workers in June than forecast, private-payroll data showed. Gold jumped 12 percent in the second quarter, the most since the third quarter of 2007.
