Gold Price – Recession fears bring the Gold Price futures to a record at the close Thursday (4 / 
early morning, the fifth decline in eight sessions. The appeal of gold attract investors who fear the correction in equities worldwide.
Gold Price Is Rising Up
Gold price futures for December delivery rose U.S. $ 21.80, or 1.3%, to U.S. $ 1,666.30 an ounce on the division of the Comex New York Mercantile Exchange. Gold traded at its highest level of U.S. $ 1,675.90 an ounce, a record intraday for the metal.
Gold has gained $ 54, or 3.4%, since July 25, beginning the latest record of metal. Gold-based fund that traded the largest, jumped 1.5% the previous day. Private sector jobs data are positively unable to dampen investors’ concerns about the U.S. economy.
Rally continues, although the company payroll services reported more jobs in the U.S. private sector, rather than analyst predictions. In addition, there is not much data to help reduce fears slow growth.
ADP report showed U.S. companies added 114 thousand positions in July, rather than expectations of an increase of about 85 thousand, “We need 250 thousand jobs to reduce unemployment,” said James Cordier, portfolio manager at Optionsellers.com, Florida. “The problem becomes much bigger now and gold is still the safest assets.” Thus quoted from yahoonews.
This report was initially lifted U.S. stocks, but it did not last long, because U.S. stocks posted losses in midday trading. Stock markets in Asia and Europe fall over fears that the U.S. economy may be slowing, and oil futures fell more than 2% over the same concerns.
Bureau of Labor Statistics is scheduled to report on the official payroll, including the work of the government on Friday. Two reports have distorted the past few months, the ADP data describing the job situation is more benign. “Everybody will wait and not invest too much at stake,” said Cordier.
Institute for Supply Management said its services sector index fell to 52.7% in July, the 17-month low, from 53.3% in June. Ministry of Commerce reported that factory orders fell 0.8% in June.
The weakening dollar also supported the rise of Gold Price. Dollar index, which compares the U.S. unit into six major currencies, was at 74.019 from 74.496 the previous day on North American trade. Gold and U.S. dollar moved in the opposite direction, because precious metals are traded in U.S. currency. But both of these assets can be strengthened simultaneously, as investors try to avoid risk.
Some Other Metal Price Not Following Gold Price
Silver price following gold price, but worries about the economy hit metal prices associated with industrial activities.
Silver for September rose $ 1.67, or 4.2% to U.S. $ 41.76 per ounce, the best figure since May 3, when the active contract settled at U.S. $ 42.59 per ounce, on the way down from U.S. $ 50 per ounce.
Copper for september fell 7 cents, or 1.6% to US $ 4.33 per pound. Miner in the world’s largest copper mine, Escondida Chile, continues to strike where the negotiations between the union and mine owners for a second day. The mine is majority owned by BHP Billiton Ltd.
Platinum and palladium to the lowest level on Wednesday. Platinum for October fell $ 8.50, or 0.5% to U.S. $ 1,785 per ounce. Palladium for September fell U.S. $ 31.80, or 3.9% to U.S. $ 795.10 an ounce. SPDR Gold Trust rose 18 metric tons to 1282 metric tons on Tuesday, close to record 1320 metric tons in June 2010. – Gold Price
