Gold Futures End Higher, Top $1,730 an Ounce: Report
Gold futures closed higher Wednesday, recouping much of the previous session's loss as weak U.S. economic data and tension in the Middle East helped boost the metal's safe-haven appeal, MarketWatch reported.
Gold for December delivery rose $5.30, or 0.3%, to settle at $1,730.10 an ounce on the Comex division of the New York Mercantile Exchange. December gold traded as high as $1,734. On Tuesday, prices fell over $6.
Gold was supported by "news from the Middle East that Israel has bombed Gaza targets today while killing [a] Hamas military chief," said Jason Rotman, president of Lido Isle Advisors, a Newport Beach, Calif.-based alternative-investment firm. "The inherent safe-haven status of gold comes back into play ...when crisis events are perceived to be more imminent."
A weaker dollar and concerns about the U.S. fiscal cliff were also key factors for gold's latest moves.
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