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Gold Rebounds On Poor Economic News

September 27, 2011 by  

Bullish predictions have the metal returning to the $1,700 level by the end of the week, reversing the hit that gold took when it dropped from this number last week.The price of gold rose by a sharp margin following a move by investors to the safe-haven metal due to the current market turmoil, Bloomberg reported.

Though the metal had dropped for three straight days prior to the rise, this lowering in price gave traders an incentive to return to the commodity markets.

According to the news outlet, Gold retained its safe-haven status, even with the drop, and the ongoing European financial crisis continued to support the precious metal as an alternative to currency.

"The facts haven't changed," Gijsbert Groenewegen, a partner at Silver Arrow Capital Management, told Bloomberg. "They're just postponing what will happen in three months or six months or whatever, but we will get default."

The price of gold for December delivery, the most actively traded contract, rose $74.30 to $1,669.00 an ounce, helping the metal return to being viewed as a safe-haven commodity, Kitco News reported.

Bullish predictions have the metal returning to the $1,700 level by the end of the week, reversing the hit that gold took when it dropped from this number last week, according to the news outlet.  

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