Gold Prices Steady; Some Safe-Haven Buying

28-Jul (Wall Street Journal) — Gold prices steadied on the London spot market Tuesday, as another tumultuous day on the Chinese stock market worried investors and fuelled some safe-haven buying.

The London spot gold price was practically flat at $1,093.65 a troy ounce in morning European trade, according to Factset. Spot silver was up 0.3% at $14.6200 an ounce.

“There’s still some uncertainty in the market, which it should benefit from,” said Carsten Fritsch, an analyst at Commerzbank.

…“We assume that the slump in equity markets that began in mid-June and the fall in gold prices themselves will generate increased interest in buying gold in the second half of the year, which should lend support to the gold price,” Commerzbank said.

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