Gold rises as financial crisis deepens
By Daniel at 15 September, 2008, 8:23 am
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NEW YORK (MarketWatch) - Gold futures rose Monday for a second session, rallying
to near $790 an ounce at one point, as the deepening crisis on Wall Street raised
demand for the safe-haven investment. Gold for December delivery rose $12.30, or
1.6%, to $776.80 an ounce in early electronic trading. It surged $25 overnight to
$789.50. Wall Street witnessed a tumultuous weekend as Lehman Brothers Holdings
was forced into bankruptcy, Merrill Lynch sold itself to Bank of America for $50
billion, and American International Group reportedly asked the Federal Reserve
for a $40 billion capital boost. Gold futures rose Monday for a second session,
rallying to near $790 an ounce at one point, as deepening crisis on Wall Street
raised demand for gold as a safe haven. Gold for December delivery rose $12.3, or
1.6%, to $776.80 an ounce in early electronic trading. It surged $25 overnight to
$789.50. Wall Street witnessed a tumultuous weekend as Lehman Brothers Holdings
was forced into bankruptcy, Merrill Lynch sold itself to Bank of America for $50
billion, and American International Group reportedly asked the Federal Reserve
for $40 billion.
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