MW: Gold climbs 1% as oil prices fall back below $87
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) - Gold futures climbed Tuesday as weak second-quarter economic growth in Germany boosted the metal's safe-haven appeal but weighed on demand prospects for oil, pulling prices for crude back below $87 a barrel. Gold for December delivery GC1Z +1.07% rose $19.60, or 1.1%, to $1,777.60 an ounce on the Comex division of the New York Mercantile Exchange. "The short-term outlook for gold remains positive as there are still far too many macro uncertainties at the moment with softening economic readings," said analysts at VTB Capital, in a note. Data showing a jump in U.S. industrial output in August did little to boost sentiment after Germany reported a modest 0.1% rise in the April-June quarter. September crude oil [s:cl1u] fell $1.50, or 1.7%, to $86.38 a barrel on Nymex.
