Business | Markets
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
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."
Share this article
More from Markets
More from Business
Popular in Business
-
Blog
Media Summit
Gulf News reporters blog live from the Abu Dhabi Media Summit
Business Editor's choice
-
Leasing a car certainly has its benefits
However, when buying a second-hand car you must realise that the maintenance costs can be high
-
Make room in your budget for savings
No matter where you are in the income bracket, you can still end up in trouble if you're not mindful of your spending
-
Internet still spreading its web
At its 25th anniversary, the dot.com world has 192 million domains registered
