ND: Gold Closes Sharply Higher As Traders Look For Safe Haven
With traders once again seeing gold as a safe haven, the price of the precious metal showed a substantial upward move during trading on Friday, adding the price increases that were seen in the two previous sessions.
Gold for December delivery moved steadily higher throughout much of the session, although it gave back some ground going into the close, ending the trading day up $43.10 at $791.80 an ounce after reaching a high of $801.90 an ounce.
The continued strength in the price of gold came as traders continued to express concerns about the outlook for the global economy, with some traders moving their money out of stocks and into the precious metal.
Some weakness in the value of the U.S. dollar also contributed to the sharp rise by the price of gold, with the drop in the value of the dollar making gold less expensive for foreign investors.
With the strong upward move, the price of gold closed up $49.30 an ounce for the week, although it currently remains well off the record high of $1,033.90 an ounce that it set in March.
