BLBG: Gold Advances on Speculation Global Appetite for Commodities Will Rise
Gold futures rose, rebounding from the biggest monthly loss since December, on speculation that a growing global economy will boost demand for raw materials.
Equities in Asia, Europe and the U.S. advanced. The Reuters/Jefferies CRB Index of 19 commodities rallied as much as 1.1 percent, with gains in energy products and metals. Before today, gold futures increased 8 percent this year, reaching a record $1,266.50 an ounce on June 21.
“Gold is inching its way back up,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “There’s talk of growth again, and gold is playing catch-up to the industrial complex.”
Gold futures for December delivery added $4.80, or 0.4 percent, to $1,188.70 at 9:40 a.m. on the Comex in New York. Prices fell 5 percent in July.
