Gold Rallied to 7-Week High as US Data Spurred Double-Dip Worries

Ugly initial jobless claims and Philly Fed survey ruined sentiment which had improved modestly after encouraging UK data. Commodities, stocks and other risky assets tumbled while USD, JPY and the treasury soared in the NY session. Gold, recently regained its safe-haven appeal, rallied to a 7-week high as global economic uncertainty increased. WTI crude oil plummeted after rebounding to 76.1 in European session and eventually settled at 74.43, down -1.31%. Gold price, on the contrary, extended rally for a 6th day to a 7-week high of 1239.5 before settling at 1235.4, up +0.32%.

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Gold Rallied to 7-Week High as US Data Spurred Double-Dip Worries