Gold Prices Surge, Top $1270

Alix Steel
The Street

Gold prices were popping Tuesday as investors turned to gold as safe-haven asset after a slew of disappointing economic data.

Gold for December delivery was adding $24.50 to $1,271.10 an ounce at the Comex division of the New York Mercantile Exchange. The U.S. dollar index was adding 0.03% to $81.90 while the euro was losing 0.19% to $1.28 vs. the dollar. The spot gold price was rising $14.30, according to Kitco’s gold index.

Gold prices got a lift Tuesday on inflation worries out of the U.K. and a weaker-than-expected eurozone industrial production report.

Inflation fears jump-started the gold market in early trading after the U.K. consumer price index rose 3.1% in August from a year earlier. Economists were expecting a rise of 2.9%, but higher food, clothing and air travel moved the index higher. Gold is the go-to commodity when investors panic over inflation as gold is a form of money that retains some value. Unlike paper currencies, gold’s value can never go to zero.

Read Full Article


Activist Post Daily Newsletter

Subscription is FREE and CONFIDENTIAL
Free Report: How To Survive The Job Automation Apocalypse with subscription

Be the first to comment on "Gold Prices Surge, Top $1270"

Leave a comment