Gold At Highest In A Week

Bloomberg reported the rise in the price of gold, climbing to the highest in a week, as demand increased as concern that global economic wealth is slowing.

As quoted in the report:

Spot gold advanced 0.7 percent to $1,577.65 an ounce at 12:34 p.m. in London. A settlement at that price would mark the biggest gain since July 3. In New York, gold futures for August delivery slipped 0.3 percent to $1,577.30 on the Comex, after gaining 0.2 percent.

Saeed Amen, analyst at Nomura International Plc in London, commented:

A bit of dollar weakness overnight has helped gold. We could also see some reaction after the FOMC minutes today as the market tries to assess how close we were to the QE3, especially given that the recent U.S. data has been on the weak side compared to expectations.

Click here to read the full Bloomberg report.