Gold rose in Asian trade, supported by a rebound in investment demand and
growing market unease over the US fiscal outlook, ING strategists said. Prices
have rebounded from mid-July lows of about $4,000 per troy ounce to roughly
$4,600, returning to May levels. Prospects that the US Treasury may debt expand
buybacks have refocused attention on US borrowing and fiscal credibility and
rekindled concerns about currency debasement, further boosting gold’s appeal as
a store of value.
