The precious metal gold recovered

[gnutrade.satya]

The precious metal gold recovered on disappointing US economic growth data, but the metal still logged its biggest monthly loss since December as safe-haven demand fizzled on lessening fears over a euro zone sovereign debt crisis. Gold benefited when data showed that the US economic growth slowed in the second quarter, raising concerns about the recovery in the rest of 2010.
Bank of America-Merrill Lynch analyst Michael Widmer said: "Compared to the buying we saw in the early summer months on the gold market, which was driven by sovereign debt, a downward revision in the second estimate of U.S. GDP growth is relatively small fish."
The August contract for gold settled up $8 at $1,168.40 .