Gold Rallies, Still Down Over Week
Gold rallied today on renewed concerns about European economies and the impact the financial crisis has on them. The Ifo Business Climate Index for industry and trade in Germany continued to fall in June, declining from 106.9 to 105.3. Yesterday, Moody’s Investor Service cut credit ratings of 15 banks, spurring a wave of risk aversion among investors.
Gold bulls hoped that a
Gold went up from $1,564.20 to close at $1,571.90 on COMEX today. The daily low was at $1,557.80, the lowest since June 8. Over the week, prices were down 3.8 percent, mainly because of yesterday’s huge slump.
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