|
|
| Gold Tops $1,600, Rises to Record in Longest Rally in 31 Years |
Gold Tops $1,600, Rises to Record in Longest Rally in 31 Years
2011-07-18 18:18:43.841 GMT
By Pham-Duy Nguyen and Nicholas Larkin
July 18 (Bloomberg) -- Gold rose to a record $1,607.90 an
ounce, capping the longest rally in 31 years, as debt concerns
in Europe and the U.S. boosted demand for the metal as a haven.
President Barack Obama is pressing congressional leaders
for a multitrillion-dollar agreement in talks on cutting the
deficit. A default would cause more panic than the collapse of
Lehman Brothers Holdings Inc. in 2008, Larry Summers, a former
Treasury Secretary, told CNN in an interview broadcast
yesterday. The euro fell as European leaders plan to meet again
on the debt crisis.
Gold futures for August delivery rose $12.30, or 0.8
percent, to settle at $1,602.40 at 1:37 p.m. on the Comex in New
York. The metal was up for the 10th straight session, the
longest rally since January 1980, when the price climbed to
$873, a record at the time.
UBS AG said in a report that its Zurich sales desk on July
15 had the biggest gold-coin demand in a year. The metal
denominated in euros and pounds jumped to records after European
Central Bank President Jean-Claude Trichet reiterated his
opposition to any restructuring of Greek debt.
|
|
|
|
