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Gold hits one-week high as Asian shares tumble
May 30, 2013
12:32 pm
Harrey Martin
Forum Posts: 74
Member Since:
May 8, 2013

Gold jumped more than a percent to a one-week high on Thursday as investors dumped equities, but the metal still risked losing its safe-haven appeal on worries the US Federal Reserve could scale back its bullion-friendly bond buying programme.

The Fed's stimulus programme has pushed money into riskier assets such as commodities and stoked inflation fears, but signs of strength in the US economy may prompt the central bank to slow its USD 85 billion-a-month buying pace.

Gold hit an intraday low around USD 1,388 an ounce before rallying to as high as USD 1,410.51; it's highest since May 22, as investors shifted some money back to bullion. It stood at USD 1,407.52 by 0714 GMT, up about 1 percent.

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