[Bloomberg,
9/13/11] Gold rebounded from a two-day slump that makes the precious
metal back to being more attractive to investors looking for ways to
protect their property against the financial turmoil and economic
uncertainty.
Gold
for immediate delivery rose as much as 0.3 percent to $ 1,820.35 an
ounce, and traded at $ 1,819.07 an ounce this morning in Singapore. Metal,
which reached a record $ 1,921.15 on September 6, fell 2.9 percent in
the last two days as investors sold the metal to cover losses in other
markets.
'Meanwhile
gold hit a short-term consolidation after recent record highs, we
recommend buying gold on dips / low because of the debt crisis / ongoing
deficits may lead to super-loose monetary conditions in the U.S. and
Europe,' an analyst at Societe Generale SA led by Michael Haigh wrote in a report. 'Gold is likely to make new record highs before the end of the year. "
Futures
for December delivery in New York also gain, rising by 0.6 percent to $
1,823.30 an ounce, before trading at $ 1,822.60. Metal
end the two-day gains yesterday after worries about Europe's debt
crisis eased following a report that China may invest in Italy, helped
remove a 1.6 percent decline in the Standard & Poor's 500 Index
ended up 0.7 percent and.
The
Financial Times reported yesterday that Italian officials try to
convince China to buy the bonds, without identifying its source. An
Italian government official, who declined to be identified, told
Bloomberg News that Italian officials had held talks with potential
Chinese partners about investing in the country.
