Gold May Gain in New York on Europe Debt Woes, Physical Demand

Bloomberg reported that European debt concerns and demand for physical gold may push prices up for a second week.

As quoted in the market news:

Gold is in the 11th year of a bull market and futures reached a record $1,923.70 on Sept. 6 as investors sought to diversify away from equities and some currencies. The metal is up 18 percent this year. Physical buying remains “strong” and levels are “some of the strongest seen since at least 2009,” Standard Bank Plc said today in a report.

TheBullionDesk.com analyst James Moore said:

“Gold remains underpinned by good volumes of physical and retail investment purchases. Following the wash-out of fund and speculation investment longs, the market is well placed to trade higher.”

Click here to read the full Bloomberg report.