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Gold Futures Advance in New York as Europe Crisis Spurs Investor Demand

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Gold Futures Advance in New York as Europe Crisis Spurs Investor Demand Empty Gold Futures Advance in New York as Europe Crisis Spurs Investor Demand

Post by lexie Tue Nov 08, 2011 1:06 pm

Nov 8, 2011 10:07 AM CT .


Gold Futures Advance in New York as Europe Crisis Spurs Investor Demand


Gold rose for a second straight day in New York on increased demand for an alternative asset as concern mounts that European leaders will be unable to contain the region’s debt crisis.

Italian Prime Minister Silvio Berlusconi won a vote today in parliament on last year’s budget report, even as he failed to muster an absolute majority. Federal Reserve Chairman Ben S. Bernanke signaled more monetary stimulus may be needed to cut unemployment, while the European Central Bank last week unexpectedly lowered interest rates. Gold has rallied more than 10 percent since the end of September.

“The turmoil in Europe has brought the fear trade back to gold,” Lance Roberts, the chief strategist and chief executive officer of Houston-based Streettalk Advisors, said in a telephone interview. “Also, a renewed wave of policy easing by central banks is helping gold.”

Gold futures for December delivery rose 0.2 percent to $1,795.40 an ounce at 11:06 a.m. on the Comex in New York. Prices reached $1,799.90 yesterday, the highest since Sept. 21.

Earnings growth in Europe will stagnate in 2012 as governments rein in spending, banks shrink their balance sheets and the uncertainty over the region’s debt crisis persists, according to Gary Baker, the London-based head of European equity strategy at Bank of America Corp.

“Fundamentals are stronger than before, with the EU crisis more complicated than before,” Pradeep Unni, an analyst at Richcomm Global Services in Dubai, said in a report to investors. “Retracements and corrections are possible as we climb above $1,800, but stay invested.”

Bullion is in the 11th year of a bull market, and futures reached a record $1,923.70 in New York on Sept. 6 as investors sought to diversify away from equities and some currencies. Before today, the metal gained 26 percent this year.

Silver futures for December delivery advanced 0.2 percent to $34.90 an ounce on the Comex.



http://www.bloomberg.com/news/2011-11-08/gold-may-decline-as-advance-to-six-week-high-spurs-selling-by-investors.html

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