26
August
Sour outlook for US helps lift gold higher
26 August 2010 The Financial Times
Gold prices rose above $1,240 a troy ounce for the first time in eight weeks on Wednesday as the souring US economic outlook drove investors to seek safety in the yellow metal.
Two reports on the US housing market in the past two days have painted a bleak picture of the sector, triggering a flight from risk across financial markets that has boosted gold.
“US Treasury yields are down, Bunds are at all-time lows. It’s not a surprise that gold should be pushing higher in that environment,” said Tom Kendall, precious metals analyst at Credit Suisse in London.
http://www.ft.com/cms/s/0/bdba7930-b074-11df-8c04-00144feabdc0.html
