Flight to gold: prices surge, top $1,260
Gold prices were popping Tuesday as investors turned to gold as safe-haven asset after a slew of disappointing economic data. Gold for December delivery was adding $14 to $1,261.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Tuesday has traded as high as $1,261.90 and as low as $1,246. The U.S. dollar index was adding 0.03% to $81.90 while the euro was losing 0.19% to $1.28 vs. the dollar. The spot gold price was rising $14.30, according to Kitco's gold index. ... U.S retail sales for August rose 0.4% vs. the 0.3% expected but didn't seem to dampen gold's rally. Investors, trying to protect themselves against more negative news, were buying gold as a safe-haven asset. Despite the rally, some analysts were still wary.