Gold prices rise on weak economic data

padre31 · Feb 17, 2009

http://www.cnbc.com/id/29237189

Gold hit a fresh seven-month high on Tuesday after weaker-than-expected U.S. manufacturing data fueled fears over the economic outlook, boosting investment in bullion as a safe store of value.

Fears over a deepening recession in eastern Europe earlier in the session sent the metal to record highs in a raft of currencies—including the euro, sterling, the South African rand, the Indian rupee and the Canadian and Australian dollars.

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Current DateTime: 11:30:42 17 Feb 2009
LinksList Documentid: 29237371

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Spot gold rose [US@GC.1 970.7 28.50 (+3.02%)] to $966.15/968.15 an ounce from $940.90 in New York late on Monday. Earlier it touched a high of $970.90 an ounce, its firmest since July 22.

U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $26.90 to $966.50 an ounce, having earlier touched a high of $968.40.

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"We are seeing complete risk aversion, with equities selling off and the dollar rising," said VTB Capital analyst Andrey Kryuchenkov. "Investment demand is rising for gold."

Fears over the outlook for the economy worsened after a survey showed manufacturing production in New York State fell to a record low in February.

Wall Street stocks tumbled on concern the recession is worsening, taking the benchmark S&P 500 below the 800 level for the first time since Nov 21
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Gold is up at the moment some 30 dollars, the NYSE is falling as I type by 200 pts..

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