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Journalism of Courage
Gold rose for a fourth day here today,climbing above USD 1,200 an ounce on speculation that investors will increase purchases of the precious metal as a means of protecting wealth.
The gold added USD 4.60,or 0.4 per cent to USD 1,200.20 an ounce on the Comex in New York. Prices were up by one per cent this week.
The metal in London was 0.5 per cent higher at USD 1,201.
The euro rebounded against the dollar before stress-test results today that may reveal loan losses at European banks.
Gold,trading at the highest price in a week,is set for its biggest weekly increase since the five days ended June 18.
Gold futures are up by 9.1 per cent this year and set a record USD 1,266.50 an ounce on June 21,as investors sought to protect their wealth against the European debt crisis on concern that the global economy may slow.
Results from the European Unions bank stress tests may be published later today,as regulators determine whether lenders can survive possible losses on sovereign-debt holdings.
