See the full story http://www.bloomberg.com/news/2010-08-31/gold-poised-for-biggest-monthly-advance-since-april-on-investment-demand.html
Gold is set for the biggest monthly advance since April as signs that the global economic recovery may be faltering prompt investors to boost their holdings to try to preserve their wealth.
Gold for immediate delivery was little changed at $1,236.90 an ounce at 9:15 a.m. in Singapore, having climbed 4.7 percent this month. The metal reached a record $1,265.30 in June. The December contract was also little changed today at $1,237.70.
“Driven by stronger investor interest, gold prices have made significant gains lately,” Eugen Weinberg, head of commodity research at Commerzbank AG, wrote in a report. “As long as weak economic data releases continue, investor interest should remain high.”
U.S. data yesterday showed that personal incomes climbed 0.2 percent in July, less than projected, reinforcing concern that the world’s largest economy may be slowing. Asian stocks are poised for a monthly decline on concern that Europe’s sovereign-debt crisis and China’s steps to curb property prices will also slow global growth.
Analysts have raised 2011 forecasts for gold more than for any other precious metal in the past two months, predicting a 10th annual gain, data compiled by Bloomberg show. Gold may rise as high as $1,500 next year, according to the median estimate in a Bloomberg survey of 29 analysts, traders and investors.
Silver for immediate delivery was little changed at $19.0213 an ounce, platinum fell 0.2 percent to $1,525 an ounce and palladium dropped 1 percent to $492 an ounce.
