Gold News

Gold rises steadily on US holiday

With the US economy shutting down yesterday (September 3rd) for Labor Day, global market activity slowed greatly, but signs were positive for gold and other investments as the FTSE Index rose in London.

The gold price, stable this morning at $673.00 per ounce, was heartening news for investors who have seen the value of the precious metal stay firm throughout the so-called credit crunch, now resting slightly below the three-week high of $674.30 achieved last Friday (August 31st).

In London, the absence of a lead from Wall Street meant that the volume of overall trade was very light, with only 1.6 billion shares bought and sold, in a total of 377,186 deals. However, the FTSE 250 index rose 49.2 points at 11,358.4, while the FTSE 100 also rose by 11.9 points.

Leading the moderate resurgence for blue-chip companies on the FTSE Index was Barclays Bank, up 3.5pc to 634.5p after comments from chief executive Bob Diamond talked down the effects of the US sub-prime crisis on the bank.

Shares in Barclays have been falling consistently over recent months, but Mr Diamond estimated losses relating to sub-prime to be only £75 million ($151million), dismissing the sum as relatively insignificant for an institution as vast as Barclays.

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