Gold surged by more than one percent in New York, as firming oil prices and a weaker US dollar spurred buying of bullion as an inflation hedge.
August gold rose $11.70 to settle at $882.90 a troy ounce on the Comex division of the New York Mercantile Exchange.
As gold was closing, Nymex July crude was up $5.90 at $137.21 a barrel while the ICE Futures US dollar index was off more than 0.56 per cent.
In other metals trading, July silver rose 22 cents to settle at $16.855 an ounce, July platinum climbed $34.20 to $2037.10 an ounce, and September palladium rose $4.75 to close at $433 an ounce.
The most-active July copper contract rose 1.95c to settle at $3.5795 a pound.
Thursday, June 12, 2008
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