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."
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
