Gold is dusting off its credentials as the go-to commodity in troubled times and its producers are reaping the benefits.
Futures
rallied above $1,100 an ounce to a two-month high, after a sell-off in
Chinese shares forced the country’s stock exchanges to shut for a second
time this week, spurring demand for a haven. Global markets are facing a
crisis and investors need to be very cautious, billionaire George Soros
said. Shares of bullion miners including Barrick Gold Corp. are
climbing, even as the 80-member Bloomberg World Mining Index slides to
the lowest in more than a decade.
After
posting three straight annual declines, bullion is topping other
commodities this month amid weakness in China’s currency and stock
market and geopolitical tensions in the Middle East and North Korea.
Soros told a forum in Colombo, Sri Lanka, that China is struggling to
find a new growth model and its currency devaluation is transferring
problems to the rest of the world.
Gold
futures for delivery in February gained 1.5 percent to settle at
$1,107.80 at 1:48 p.m. on the Comex in New York, after reaching
$1,109.30, the highest for a most-active contract since Nov. 6. Prices
are up for a fifth session, the longest run since October.
Silver futures also gained on the Comex. Platinum rose on the New York Mercantile Exchange, while palladium fell.
Source: Bloomberg
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