Daily Gold Update

Source: Bloomberg

New York— Gold futures rose to a four-week high on demand for a store of value amid signs the global economic recovery is slowing increased. Platinum climbed, snapping the longest slump since July 2008. U.S. equities declined after American jobless claims unexpectedly jumped to a five-month high. The Federal Reserve on Aug. 10 said �the pace of economic recovery is likely to be more modest in the near term than had been anticipated� in the U.S. Gold reached a record $1,266.50 an ounce on June 21.

�We�re seeing safe-haven demand come into gold,� said Jim Steel, an analyst at HSBC Securities in New York. �Despite the fact that some of this is deflationary, people are interested in buying gold.� Gold futures for December delivery gained $17.10, or 1.4 percent, to $1,216.30 an ounce at 10:56 a.m. on the Comex in New York. Earlier, the price reached $1,218.50, the highest level for a most-active contract since July 13. European industrial production unexpectedly declined in June, a report showed today. China said this week that output grew at the slowest pace in 11 months. See full story.