Gold near 5-week high, safe-haven buying supports - Yahoo! News

Gold near 5-week high, safe-haven buying supports - Yahoo! News: "Gold near 5-week high, safe-haven buying supports By Atul Prakash
Wed Jul 12, 6:15 AM ET


LONDON (Reuters) - Gold traded on Wednesday near five-week highs, supported by firm oil prices and nervousness following bomb attacks which killed more than 180 people in India's financial hub of Mumbai.

But there was no big rush to buy as the market digested the news, with focus now shifting to the currency and oil markets and U.S. data on international trade and consumer sentiment, due on Wednesday and Friday respectively.

'It was partly stimulated by the bomb attack in India, but it was also triggered by a good-looking technical picture in the market,' Alexander Zumpfe, a metals trader at Germany's Heraeus Metallhandels-Gesellschaft mbH, said about the price surge.
'Actually there is no big change in sentiment,' he said, adding that people would see price dips as buying opportunities.

Gold climbed to $643 an ounce on Tuesday, its highest since June 5, on investment buying after a series of bombs hit at least seven packed commuter trains during the rush hour in Mumbai.

Spot gold was quoted at $642.00/643.00 an ounce by 0958 GMT, against $642.10/644.10 late in New York." For the real-time N.Y. gold spot price, visit gold miner website.