Tuesday, August 17, 2010
Gold prices rose to a six-week high on signs the global economy is faltering, boosting demand for the metal as a protector of wealth.
Japan's economy grew at less than a fifth of the pace economists estimated last quarter, pushing it into third place behind the US and China. Manufacturing in the New York region expanded less than forecast in August, a report showed today. Gold prices have gained for two straight weeks on demand for the metal as a haven.
"There's a flight to safety going on," said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. "There's a world of uncertainty about the economy and people feel we might be slowing down."......read on