Tags: ARTOPSTG | BB | BNALL | BNSTAFF | BNTEAMS | BUSINESS | CATOPSTG

Gold Futures Surge to Record $1,697.70 on Haven Demand

(Updates with analyst comment in third paragraph.)

Aug. 8 (Bloomberg) -- Gold futures surged to a record $1,697.70 an ounce on demand for an investment haven as the dollar slumped following Standard & Poor’s downgrade of the U.S. long-term credit rating from AAA.

Gold futures for December delivery rose $41.40, or 2.5 percent, to $1,693.20 an ounce at 7:15 a.m. Tokyo time in electronic trading on the Comex in New York after reaching the all time high.

“Gold will most likely be a sharp recipient of safe- haven flows” following the U.S. rating cut, Edel Tully, a London- based analyst at UBS AG, said in a report. “Our previous one- month forecast of $1,725 is likely to be easily met in the short term.”‬

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

© Copyright 2015 Bloomberg News. All rights reserved.

1Like our page
2Share
Newsfront
(Updates with analyst comment in third paragraph.)Aug. 8 (Bloomberg) -- Gold futures surged to a record $1,697.70 an ounce on demand for an investment haven as the dollar slumped following Standard Poor s downgrade of the U.S. long-term credit rating from AAA.Gold futures...
ARTOPSTG,BB,BNALL,BNSTAFF,BNTEAMS,BUSINESS,CATOPSTG,CMD,CMDCURZ1,CMDCURZ2,CMDHOT,CMDMARKET,CMDME,CMDTOP,CMDTOPZ1,CMDTOPZ2,CMDX,COS,EXTR5TOP,EXTR6TOP,FINNEWS,GETOPSTG,GLD,GLDMARKET,GOWEB,GRTOPSTG,GULFTOPSTG,IBERTOPSTG,INTOPSTG,ISTOPSTG,MARKETS,MET,METCURZ1,METCURZ2,METMARKET,METTOP,METTOPZ1,METTOPZ2,MNG,MXTOPSTG,NEWSWORD07,NONFERR,NRGCMDMKTS,NYX,ONWEB,OPTOUTLINK,ORIGINAL,PCDMARKET,PCMKTS,PCS,PCSMARKET,PGM,READ,RUSTOPSTG,SGCURZ2,SGTOP,SGTOPZ2,SILVER,SILVERMKT,STFILT241,STFILT266,STFILT268,SWCURZ3,SWTOP,SWTOPZ3,THCURZ2,THTOP,THTOPZ2,TOP,TOPBIZMKT,UPDATE,USBNX,USCMDMKT,VNTOPSTG,WEBHOME,WRIT,WWCURZ2,WWTOP,WWTOPBIZ,WWTOPZ2,ZATOPSTG
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved