New buyers help gold rise over 1%
Source: Agencies |
May 18, 2012, Friday
|
Print Edition
Print Edition
GOLD rose more than 1 percent yesterday, bouncing off a four-and-a-half-month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to US$1,553.80 an ounce in early trading yesterday from US$1,538.30 in New York on Wednesday, when it fell to US$1,527 - its weakest since December 29.
US gold futures hit a high of US$1,557.90 an ounce and were at US$1,554.30, up 1.1 percent, in the morning. The contract had plunged to a multi-month low of US$1,526.70 on Wednesday.
Spot gold rose 1 percent to US$1,553.80 an ounce in early trading yesterday from US$1,538.30 in New York on Wednesday, when it fell to US$1,527 - its weakest since December 29.
US gold futures hit a high of US$1,557.90 an ounce and were at US$1,554.30, up 1.1 percent, in the morning. The contract had plunged to a multi-month low of US$1,526.70 on Wednesday.
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