Gold News & Info

Source: Bloomberg

New York— Gold futures rose on demand for a haven after the Federal Reserve said the U.S. economy is slowing. The �pace of economic recovery is likely to be more modest in the near term than had been anticipated,� the Federal Open Market Committee said yesterday in a statement. Gold has gained 43 percent since the end of 2007 amid a global credit crisis and recession. �Fear is coming back into the market, and that�s creating a movement into gold,� said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.

Gold futures for December delivery climbed $1.20, or 0.1 percent, to $1,199.20 an ounce to close at 1:54 p.m. on the Comex in New York. The metal reached a record $1,266.50 on June 21. Futures also climbed as the Fed said it would buy more U.S. government debt, reversing plans to exit from aggressive monetary stimulus. �Gold is well supported by long-term inflationary concerns after the shift in policy by the Federal Reserve,� said Ong Yi Ling, an investment analyst at Phillip Futures Pte. in Singapore. See full story.