Gold closes at US$1,758/ounce; price has risen 24% so far this year as investors seek to diversify in weak economy
August 15, 2011
– Gold is luring investors again.
Prices for the precious metal are rebounding after easing off a high just above $1,800 an ounce during last week's volatile trading.
Gold gained $15.40 to end Monday at $1,758 an ounce. The price has risen about 24 percent for the year.
Gold is joining most commodities in a stronger finish, largely driven by a weaker dollar. Since commodities are priced in dollars, they become more of a bargain for traders who use other currencies.
It's also attracting investors who want to diversify their portfolios because they are concerned about the slowing global economy, and ongoing financial problems in the U.S. and Europe.
Agricultural and most energy contracts also are higher.
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