Markets

Firm trend in bullion

(China Daily)
Updated: 2010-09-07 13:33

Gold, little changed in London, may gain as a weakening dollar and rising prices of other metals boost demand.

Immediate-delivery bullion added $3.40, or 0.3 percent, to $1,250.15 an ounce at 9:20 am in London on Monday. Prices climbed the past five weeks, the longest winning streak since September last year. Gold for December delivery was 0.1 percent higher at $1,251.80 on the Comex in New York. Bullion has climbed 14 percent this year, reaching a record $1,265.30 on June 21. The price is set for a 10th annual gain as investors seek to protect their wealth against financial turmoil in Europe and the prospect of slowing economic growth.

Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were little changed at 1,294.44 metric tons on Friday.

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