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Gold jumps as US economic uncertainty kills risk appetite
Tatyana Shumsky From: Dow Jones Newswires June 04, 2011 12:04PM
GOLD prices pushed higher on weak US employment data and renewed investor concerns about a 'double-dip' recession in the US.
The most actively traded contract, for August delivery, settled up $US9.70, or 0.6 per cent, at $US1542.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
June-delivery gold gained $US9.70 (0.6 per cent), to settle at $US1541.70 a troy ounce.
June gold futures jumped to a high of $US1546.30 a troy ounce on the report, as investors rushed to purchase the safe-haven asset.
"You're seeing a general risk-aversion trade going on today based on these (employment) numbers," said Matt Zeman, head of trading at Kingsview Financial. "People are uncertain about the economy and are wondering where the help is going to come from."
Gold is considered a store of value amid economic uncertainty and a hedge against financial risks, with investor appetite often growing stronger as economic sentiment sours.
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