By Steve Rothwell
Associated Press Markets Writer
Gold is having a summer revival.
The price of gold touched $1,420 an ounce this week, a three-and-a-half month high, as escalating tensions in the Middle East, volatile currency markets and renewed demand for jewelry in China and India pushed prices higher.
Gold has surged 15 percent since sinking to $1,212 an ounce, its lowest level in almost three years, on June 27. A gain of 20 percent or more would put the metal back in a bull market.
Gold’s resurgence follows a rough ride this year. Gold slumped 4.8 percent in the first three months of 2013 as the outlook for the economy improved while inflation remained subdued.
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