AAR 5.56% 9.5¢ anglo australian resources nl

gold up over usd 8

  1. 488 Posts.
    Gold up over $8 on safe-haven buying
    -providing rocket fuel for AAR / MON / PNA sp

    SAN FRANCISCO (MarketWatch) -- Gold futures rose more than USD 8 an ounce Monday to close near their highest level in almost two weeks as terrorism concerns and a weaker U.S. dollar helped boost the metal's appeal as an investment hedge.

    "All the ingredients for a rally were there but nothing happened until today," said Julian Phillips, an analyst at GoldForecaster.com.

    "The dollar is falling fast now, the oil price is sitting on $70 and looks like staying there or rising. Gold had to run up, despite any efforts to hold it down," he said in e-mailed comments.

    "What is clear now is that there is force to this rise," he said. "If more consolidation occurs, it will simply power up this rise."

    Gold's benchmark August contract gained 1.3%, or $8.30, to finish at $659.20 an ounce on the New York Mercantile Exchange, its strongest closing level since June 20. Gold futures gained 50 cents an ounce on Friday but finished last month with a loss of 2.4%.
    "Bolstered by a significant erosion in the dollar ... and geopolitical tremors prompted by the London and Glasgow terror attacks, the decision to go long gold in the short-term was made much easier for market participants," said Jon Nadler, an analyst at Kitco Bullion Dealers, in a note to clients.

    Seven suspects are now in custody after attempted attacks on a central London nightclub and Scotland's Glasgow Airport and two of them are doctors working at U.K. hospitals, BBC News reported Monday afternoon. The others include two men held in Glasgow on Sunday, the report said.

    CNN reported Monday afternoon that a bomb disposal unit had performed at least two controlled explosions on a suspicious device at a hospital where the suspects from the Glasgow airport attack were being treated.

    Britain's terror-alert level was raised to its highest over the weekend and is now at "critical." See full story.
    CNN reported Monday afternoon that a bomb disposal unit has performed at least two controlled explosions on a suspicious device at a hospital where the suspects from the Glasgow airport attack were being treated.

    "Geopolitical risk posed by terrorism as seen in the U.K. over the weekend and near record oil prices seem to be the primary factors in gold's strength today," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in a research report.

    Crude futures closed higher Monday, above $71 a barrel, recovering from a low of $69.60. See Futures Movers.

    "However, of more importance is the Bear Stearns shambles and the increasing possibility of forced liquidation of more than $1 trillion of collateralized debt obligations, which may lead to huge losses in large banks, insurance companies, and pension managers and systemic issues," O'Byrne said.

    The illiquid nature of many of the exotic mortgage-backed securities the funds held is making it difficult to value the holdings, the Journal reported.
    Other metals prices finished higher along with gold Monday.

    By Myra P. Saefong & Polya Lesova, MarketWatch
    Last Update: 4:33 PM ET Jul 2, 2007
 
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