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Thursday, September 18, 2008

Gold posts record gain

Gold posts record gain

Gold prices posted their biggest one-day jump ever Wednesday, as jitters over the health of the financial sector sent stocks tumbling and the dollar weakened

Gold for December delivery was up $70, or 9%, to settle at $850.50 an ounce. The gain surpassed the previous mark, $64, set Jan. 29, 1980, during a period of surging inflation.

“People are losing confidence in the financial sector," said Peter Spina, president of goldseek.com, a gold trading analysis Web site. "You look around you, where are you going to put your money? Gold is safety."

The commodity is often seen as a hedge against inflation and a safer bet in the wake of the financial crisis roiling Wall Street.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Saturday, Jun 07
01:00 CFTC S&P 500 NC Net Positions 1 $-69.4K $-53.0K
01:00 CFTC Gold NC Net Positions 1 $187.9K $174.2K
01:00 CFTC Oil NC Net Positions 1 168.0K 165.7K
01:00 CFTC GBP NC Net Positions 1 £35.2K £35.4K
01:00 CFTC AUD NC Net Positions 1 $-63.2K $-61.2K
15:10 BoE's Greene speech 2
Monday, Jun 09
24h Whit Monday 0
04:15 Manufacturing Sales 1 1.1%
19:30 Wholesale Inventories 1 0% 0%
21:00 3-Month Bill Auction 1 4.25%
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