Wednesday, September 2, 2009

Gold Hits Three Month High

Gold for December delivery ended up $22, or 2.3%, at $978.50 an ounce on the Comex division of the New York Mercantile Exchange, the highest settlement for the contract since June 4. It rose as high as $981.40 earlier.

Gold tends to put in the opposite performance to the stock market in September. While September can be a big downer for the stock market, gold prices typically rise in September.

The start of holiday seasons in the world's biggest gold-consuming countries tends to drive up demand. India, the largest consumer of bullion, is first with in the annual Diwali festival in mid-October.

Gold has made gains for the past 16 out of 20 Septembers.

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