Gold Price Notches Fifth Day of Gains
San Francisco (Jun 14) Gold prices rose for a fifth straight session Tuesday as investors sought out havens amid falling global stocks and commodities.
After wavering throughout the day, gold futures for the most actively traded August contract ended the day up 0.1% at $1,288.10 a troy ounce on the New York Mercantile Exchange. Gold has surged more than 20% this year as investors fret about global economic strength and financial market volatility.
Meanwhile, voters in the U.K. are preparing to go to the polls next week for a referendum on whether to remain in the European Union.
Investors were flocking to other havens as well, with the yield on the U.S. 10-year Treasury falling to 1.60% and the U.S. dollar rising 0.4% against a basket of global currencies in the WSJ Dollar Index. Yields fall as bond prices rise.
"Evidently these uncertainties are still prompting investors to invest in ETFs," said analysts at Commerzbank AG in a note.
In other precious metals markets, silver ended down 0.1% at $17.424 an ounce, platinum fell 2.4% to $971.90 an ounce and palladium fell 1.9% to $535.75.