"their biggest one-day dollar gain in eight months"
July 5, 2011, 2:28 p.m. EDT
Gold ends with a gain of more than $30 an ounce
Investors seek a safe haven amid China, Greece worries
By Myra P. Saefong and William L. Watts, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures rallied Tuesday as ongoing concerns about global debt problems fed investment demand for the precious metal, lifting prices by more than $30 an ounce — their biggest one-day dollar gain in eight months.
Gold for August delivery rose $30.10, or 2%, to close at $1,512.70 an ounce on the Comex division of the New York Mercantile Exchange. That was the biggest one-day dollar and percentage gain for gold futures since Nov. 4, 2010, as well as the highest closing level since June 23.
The contract had lost $27.80 over the previous two regular trading sessions. Monday was a holiday.
Debt problems in the U.S. and Europe continue to support gold prices along with currency volatility and political instability all over the world, said Frank Lesh, a broker with Future Path Trading in Chicago.
“One of the main reasons gold came off $1,550 is because Greece didn’t default,” he said. “But Greece is still simmering at the moment,” and that supports the gold price.
Full story: http://www.marketwatch.com/story/gold-futures-rise-above-1500-an-ounce-2011-07-05-743360?dist=afterbell
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