BUSINESS

Gold surges to record USD 1,637.50

Gold futures rose to a record USD 1,637.50 an ounce on demand for an investment haven amid mounting concerns on the U.S. debt impasse and signs of a faltering economy, Wall Street Journal informs. U.S. lawmakers are offering rival plans to avert a default as the Aug. 2 deadline for raising the USD 14.3 trillion debt limit nears. A government report today showed that gross domestic product rose less than forecast in the second quarter, driving the dollar lower. Gold had the biggest monthly gain since November 2009. Gold futures for December delivery rose USD 15, or 0.9 per cent, to settle at USD 1,631.20 at 1:50 p.m. on the Comex in New York. The metal, up 8.5 per cent in July, had four straight weekly advances.

The Standard & Poor’s 500 Index headed for its third straight monthly loss, the longest slump since 2008. The dollar was down for the third consecutive week against a basket of six major currencies. Gold has climbed 15 per cent this year, heading for the 11th straight annual gain.

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