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Gold Futures Rise, Heading for Fourth Weekly Gain, on Commodities Demand
Gold rose in New York, heading for the fourth straight weekly gain, on speculation that demand for raw materials will increase as the global economy recovers.
U.S. stock futures extended gains after the government reported that the economy, as measured by gross domestic product, grew more than expected in the second quarter. Stocks in Asia and Europe also rallied. Gold has gained 13 percent this year, touching a record $1,266.50 an ounce in June.
“Prosperity has broken out because the GDP numbers came in better than expected,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “The industrial component of gold is rallying.”
Gold futures for December delivery rose $4.20, or 0.3 percent, to $1,241.90 an ounce at 9:15 a.m. on the Comex in New York. A close at that price would leave the most-active contract up 1.1 percent this week.
The U.S. economy grew at a 1.6 percent annual rate in the second quarter, figures from the Commerce Department showed. The expansion was greater than the median forecast of economists surveyed by Bloomberg News.
The Reuters/Jefferies CRB Index of 19 commodities rallied for a second straight day, led by coffee, nickel, corn and cotton.
Silver futures for December delivery rose 10.8 cents, or 0.6 percent, to $19.13 an ounce on the Comex.
Platinum futures for October delivery fell $8.90, or 0.6 percent, to $1,531 an ounce on the New York Mercantile Exchange. Palladium futures for December delivery rose 30 cents to $504.60 an ounce.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.
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