Gold prices climb as stocks, dollar fall

According to CNNMoney dot com, it is reported that people are fleeing from general stocks to gold as safe haven.

Gold prices climb as stocks, dollar fall.

"Nadler said Friday's rise in gold incorporated 'an anxiety premium.' If the decline in payrolls foretells a contraction in the world's largest economy, 'this cannot help but impact demand' for both precious and base metals, he said.

Meanwhile, threats to stability abroad returned to the forefront on Thursday. The Syrian government charged that Israeli aircraft violated its airspace and dropped 'munitions' inside the country, exacerbating tensions in the region. In Nigeria, the U.S. Embassy cautioned that American and other Western installations face the risk of terrorist attack, although the embassy said no specific threat prompted the warning. Nigeria is a major supplier of oil to the U.S.

Gold's rise this week also has a technical component. Once gold prices crossed the $680 an ounce threshold Friday, that opened up a 'huge breakout' of technical buying from computer-driven funds that buy or sell when an asset hits a certain level, said Scott Meyers, senior trading analyst with the Pioneer Futures division of MF Global. (NYSE:MF)
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