Daily Gold Update

Source: Bloomberg

New York— Gold prices rose to a six-week high on signs the global economy is faltering, boosting demand for the metal as a protector of wealth. Japan�s economy grew at less than a fifth of the pace economists estimated last quarter, pushing it into third place behind the U.S. and China. Manufacturing in the New York region expanded less than forecast in August, a report showed today. Gold prices have gained for two straight weeks on demand for the metal as a haven. �There�s a flight to safety going on,� said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. �There�s a world of uncertainty about the economy and people feel we might be slowing down.�

Gold futures for December delivery gained $9.60, or 0.8 percent, to close at $1,226.20 an ounce as of 1:47 p.m. on the Comex in New York. Earlier, the price touched $1,229.50, the highest level since July 1. Prices also gained as the dollar fell for the first time in six sessions against the euro, Lesh said. Gold futures usually move inversely to the U.S. currency. Gold has gained 12 percent this year, reaching a record $1,266.50 on June 21. See full story.