Gold News & Info

Source: Marketwatch

San Francisco— Gold futures on Wednesday rose to their highest in two weeks, drawing strength from safe-haven buying as investors remained concerned about Iran and the euro zone. Gold for February delivery GC2G +0.89% rose $12.20, or 0.8%, to $1,612.70 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s highest settlement since Dec. 21. The metal earlier veered between small gains and losses, but gathered steam as U.S. stocks started their trading day on the red. That is an indication that gold vied to regain its status as a safe-haven investment, said Adam Klopfenstein, an analyst with Archer Financial in Chicago. After it settled above $1,600 the previous session, it gained momentum, he added.

There are plenty of reasons to remain concerned about the global economy, with the euro zone �at the whims of bond holders� and only a negative piece of data away from more problems, Klopfenstein said. In addition, �Iran definitely adds a back trap … it also provides a bullish scenario for gold,� he said. Gold ended Tuesday 2.2% higher, at its best in more than a week at $1,600.50 an ounce as the dollar lost against major rivals, and oil and U.S. equities rallied. See full story.