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Gold heads for weekly gain on demand for alternative investment
Gold rose in New York, heading for the third straight weekly gain, on speculation that Europe’s fiscal crisis will spur investors to purchase the metal as an alternative to holding currencies.
The Group of Seven is holding a conference call Friday to discuss Greece’s debt risks following a plunge in global equities, according to Bloomberg.
Gold touched $1,211.90 Thursday, 1.3 percent shy of the Dec. 3 record, as investors, concerned that Europe’s fiscal crisis will spread to other nations, purchased the metal as a haven.
Gold futures for June delivery rose $5, or 0.4 percent, to $1,203.30 an ounce at 9:40 a.m. on the Comex in New York.
The most-active contract has gained 1.9 percent this week, after climbing 3.9 percent in the previous two weeks.
The G-7 consists of Canada, France, Germany, Italy, Japan, the U.K. and the US.
Demand for gold bars and coins was “exceptionally strong” Thursday, and physical demand has been most obvious in Germany this week, UBS AG said Friday in a report.
Silver futures for July delivery rose 22.5 cents, or 1.3 percent, to $17.74 an ounce.
Platinum futures for July delivery dropped $6.40, or 0.4 percent, to $1,660.10 an ounce on the New York Mercantile Exchange.
Palladium futures for June delivery fell $9.60, or 1.9 percent, to $504.50 an ounce.
The Group of Seven is holding a conference call Friday to discuss Greece’s debt risks following a plunge in global equities, according to Bloomberg.
Gold touched $1,211.90 Thursday, 1.3 percent shy of the Dec. 3 record, as investors, concerned that Europe’s fiscal crisis will spread to other nations, purchased the metal as a haven.
Gold futures for June delivery rose $5, or 0.4 percent, to $1,203.30 an ounce at 9:40 a.m. on the Comex in New York.
The most-active contract has gained 1.9 percent this week, after climbing 3.9 percent in the previous two weeks.
The G-7 consists of Canada, France, Germany, Italy, Japan, the U.K. and the US.
Demand for gold bars and coins was “exceptionally strong” Thursday, and physical demand has been most obvious in Germany this week, UBS AG said Friday in a report.
Silver futures for July delivery rose 22.5 cents, or 1.3 percent, to $17.74 an ounce.
Platinum futures for July delivery dropped $6.40, or 0.4 percent, to $1,660.10 an ounce on the New York Mercantile Exchange.
Palladium futures for June delivery fell $9.60, or 1.9 percent, to $504.50 an ounce.