Gold Rises on Haven Demand After Boehner Backs Obama on Syria

Bloomberg (04/9) -- Gold futures rose for the first time in a week on demand for a haven asset as U.S. President Barack Obama won support from leaders in Congress for a military strike on Syria. Gold futures for December delivery rose 1.1 percent to settle at $1,412 an ounce at 1:40 p.m. on the Comex in New York, the first advance since Aug. 27. On that date, the price jumped 1.9 percent to the highest since mid-May after U.S. Secretary of State John Kerry said Syria will be held accountable for using chemical weapons. The metal advanced 6.3 percent in August. Gold has climbed almost 20 percent from a 34-month low of $1,179.40 an ounce on June 28. The commodity entered a bear market in April, dropping 16 percent this year, as some investors lost faith in the metal as a store of value amid an equity rally and low inflation.