Gold gains on speculation slump will spur more demand

London, July 8. Gold today gained for the first time in three days on speculation this year’s slump will spur stronger physical demand. Gold rose by 0.6 per cent to 1,230.97 dollar an ounce. Prices fell 0.9 per cent last week. Silver also added 0.8 per cent to 19.07 dollar an ounce. It dropped 3.8 per cent last week and is the worst performer in the Standard and Poor’s GSCI gauge of 24 commodities this year. The metal fell a record 23 per cent in the second quarter, reaching 1,180.50 dollar an ounce on June 28, the lowest since August. 3, 2010. The dollar was little changed against six major currencies after reaching the highest level since July 2010.