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Wednesday, July 18th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Keeps Gaining

Gold gained for a third consecutive day in London trading, among continued concern about Europe’s debt crisis coupled with signs of a slowing US economy and a weakening dollar, all spurring demand for gold as an alternative investment.

By 11:30am (GMT) immediate delivery gold gained $4.68, 0.3 percent, reaching $1,549.32 an ounce, compared to yesterday’s $1,553.65 – the highest its been since May 2.

Bullion remained little changed at $1,548.40 an ounce in the London morning “fixing”, compared to  $1,549 yesterday.

On the Comex in New York, gold for August delivery gained 0.2 percent, to $1,550.10 an ounce.

Olli Rehn, EU Economic and Monetary Affairs Commissioner, yesterday said that the EU needs to reach an agreement on the situation in Greece before the meeting of European finance ministers on June 20.

President of the European Central Bank, Jean-Claude Trichet, indicated for the first time that he might be supporting moves to encourage investors to buy new Greek bonds in efforts to replace maturing securities to stem the country’s debt crisis.

Last week, reports were published that showed that US payrolls had grown at their slowest pace in eight months in the month of May. Data also indicated that US manufacturing had expanded at its slowest pace in more than a year.

The greenback slid to a one-month low against six currencies.

“Speculation [that] U.S. economic growth is losing pace and the Greek debt crisis is worsening” are two developments that both support gold, said John Meyer, an analyst at Fairfax IS in London in a report on Tuesday. He added: “The dollar is off this morning, helping support prices as they push toward the record.”

The price of gold is up 9 percent in 2011 following 10 years of climbing – the longest run of gains in at least nine decades.


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