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Gold climbs above $900

Gold climbed back through $900 an ounce yesterday to a new 10-day high as a pick-up in oil prices, which sparked buying of gold as an inflation hedge, sent the precious metal through key technical levels.

  • Reuters
  • Published: 00:08 June 20, 2008
  • Gulf News

Gold climbed back through $900 an ounce yesterday to a new 10-day high as a pick-up in oil prices, which sparked buying of gold as an inflation hedge, sent the precious metal through key technical levels.

Gold reached a peak of $907.70, its highest since June 9, before easing with oil to trade at $904.30/$905.70 at 1421 GMT, against $890.75/$891.95 late in New York yesterday.

"[Gold] has been threatening this for the last few days," said Simon Weeks, director of precious metals trading at Scotia Capital.

"Gold is starting to find its feet, given the global (inflationary) environment we are in, and given what we have seen coming out in terms of US data releases," he added. "General sentiment is good."

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