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Gold rebounds as a shelter

Feb. 25, 2013 at 5:21 PM   |   Comments

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NEW YORK, Feb. 25 (UPI) -- Gold and silver on the New York Mercantile Exchange Monday as investors looked for a safer bet than equities, which tumbled.

There is talk of a correction possible on Wall Street -- defined as a 10 percent drop after a sustained winning streak. That could move investors quickly to gold.

Wall Street provided a nudge on Monday. After sharp drops on Wednesday and Thursday last week, equity indexes in New York were off more than 1.5 percent Monday.

Gold prices added $13.40 Monday to $1,592.60 per troy ounce, remaining down for the week.

Silver added 29 cents to $29.04 per ounce.

Against the dollar the euro fell to $1.3074 from Friday's $1.3217. Against the yen, the dollar was lower at 91.59 yen from 94.55 yen.

The British pound rose to $1.5175 from $1.5078. The dollar rose to 1.0265 Canadian dollars from 1.021 Canadian.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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