Gold Climbs in N.Y. as Investors Seek Haven From Falling Shares

Gold may fare better than other commodities as a global slowdown reduces demand for raw materials. The Reuters/Jefferies CRB Index of 19 commodities is down 28 percent this year, paced by a 32 percent decline in crude oil. Gold has lost 12 percent.

``There's some value going into the metal,'' said Frank McGhee, head dealer at Integrated Brokerage Services LLC in Chicago. ``Gold's overall value is holding. Investors should be safe-haven buying here but not using leveraged money. Gold can scream out and turn higher any time, but investors need to be comfortable that gold can go down before it goes higher.''

Gold may trade at $600 to adjust for the value of the dollar, analysts at Deutsche Bank said today in a report.