Gold gains for second day on concern over growth slowing
Gold on Tuesday gained for a second day as concern over slowing economic growth boosted demand for the metal as a protection of wealth.
By Bloomberg | Updated:
NEW YORK: Gold on Tuesday gained for a second day as concern over slowing economic growth boosted demand for the metal as a protection of wealth.
The precious metal rose USD 25.60, or 1.5 per cent, to USD 1,783.60 an ounce on the Comex. The metal touched a record USD 1,817.60 on August 11. Silver also rose by 0.5 per cent to USD 39.54 an ounce.
The German economy, Europe's largest, almost stalled in the quarter as the region's sovereign-debt crisis weighed on confidence. Germany's economy expanded 0.1 per cent from the first quarter, less than the 0.5 per cent forecast by economists.
France's recovery unexpectedly ground to a halt in the second quarter, Italian and Spanish expansion remained sluggish, and Greece's economy contracted.
Holdings of the metal in ETPs rose 3.8 tonnes to 2,185.9 tonnes. Assets reached a record 2,216.8 tonnes last week as S&P cut its US credit rating and speculation Europe's sovereign-debt crisis may be worsening fueled demand for gold.
The gold is up 25 per cent this year, an 11th straight annual gain, a longest winning streak since 1920 in London.
The precious metal rose USD 25.60, or 1.5 per cent, to USD 1,783.60 an ounce on the Comex. The metal touched a record USD 1,817.60 on August 11. Silver also rose by 0.5 per cent to USD 39.54 an ounce.
The German economy, Europe's largest, almost stalled in the quarter as the region's sovereign-debt crisis weighed on confidence. Germany's economy expanded 0.1 per cent from the first quarter, less than the 0.5 per cent forecast by economists.
France's recovery unexpectedly ground to a halt in the second quarter, Italian and Spanish expansion remained sluggish, and Greece's economy contracted.
Holdings of the metal in ETPs rose 3.8 tonnes to 2,185.9 tonnes. Assets reached a record 2,216.8 tonnes last week as S&P cut its US credit rating and speculation Europe's sovereign-debt crisis may be worsening fueled demand for gold.
The gold is up 25 per cent this year, an 11th straight annual gain, a longest winning streak since 1920 in London.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Today's gold, silver prices (June 11, 2026): Check 24k, 22k and 18k gold jewellery rates from IBJA, Malabar Gold and Diamonds, Joyalukkas & Tanishq in Delhi, Mumbai and other cities2026-06-11T08:51:35Z- India-Oman CEPA sparks first duty-free gold jewellery shipment from Kolkata2026-06-11T08:22:12Z
- 378% return on SGB premature redemption date: This gold bond has turned Rs 1 lakh investment into Rs 4.78 lakh2026-06-11T07:21:10Z
ADVERTISEMENT
