今晚死因 - Gold rallies on safe-haven buying amid credit turmoil

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Gold futures rallied Friday, as traders recognized the metal's allure as a safe haven amid worsening credit market troubles that prompted a sell-off in global equity markets and a fresh injection of cash by several central banks.
"Suddenly, the world is realizing that gold is still a safe haven asset," said James Moore, metals analyst . "We've seen pretty substantial losses in equity markets."

"I think this is genuine safe-haven buying," Moore said.

Gold for December delivery rose $11.60, or 1.7%, at $684.40 an ounce on the New York Mercantile Exchange.

"You are starting to see some bargain-hunting buying coming here," said Charles Nedoss, gold analyst at the Peak Trading Group. "What the Fed did in terms of pumping liquidity into the markets is bullish for the metals. You're going to see some flight-to-quality type buying."

Central banks in Europe and Asia injected billions more dollars into the banking systems as they again moved to boost liquidity in financial markets. Read more.
The Federal Reserve said Friday it's providing liquidity "to facilitate the orderly functioning of financial markets." In a brief statement, the Fed said it will provide reserves "as necessary" through open market operations to promote trading in the federal funds market at rates close to 5.25%.

Earlier Friday, the New York Federal Reserve said the Fed bought $19 billion in three-day repurchase agreements in mortgage-backed securities. See The Fed.
On Thursday, gold fell $13.50, or 2%, to close at $672.80, its weakest closing level since July 27.  

"We saw the market sell off in a global liquid crunch as funds exited gold trades to meet cash margin requirements and to free up capital in general," said Zachary Oxman, senior trader at Wisdom Financial, in emailed comments. "This move was not in the direction of the primary trend and was, more than anything, a temporary move. The buying opportunities called yesterday and the day prior seemed to be ideal with gold now up $13."

"Fundamental factors that support this market continue to be unchanged, which is another reason why I feel that the gold moves of this week to the downside were nothing but short-term liquidity plays that will not hold," Oxman said.

"The market is seeing a re-investment of fund money, strength in the Indian rupee, a positive seasonal pattern and concerns over labor issues in South Africa."

Asian and European equities also posted steep declines. U.S. stocks took another dive at the open Friday, with the Dow Jones Industrial Average Dow Jones Industrial Average falling 100 points.

Other metals prices were mostly higher. September silver gained 28.50 cents, or 2.3%, at $12.995 an ounce, October platinum gained $5.70 at $1,281 an ounce, while September palladium fell $11.20 at $351 an ounce.
September copper gained 1.35 cents at $3.3745 a pound.

The dollar traded slightly lower against most major European currencies. Japan's yen was steady against the dollar but rose against most high-yielding currencies as investors sought to unwind positions on risky trades ahead of the weekend.

Another wave of selling hit the crude-oil market Friday. See Futures Movers.

Gold warehouse inventories fell by 9,864 troy ounces to 7.14 million troy ounces as of late Thursday, according to Nymex data. Silver and copper supplies were both unchanged to stand at 133.3 million troy ounces and 21,655 short tons.

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