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Gold rises on oil’s surge, hits $ 872
Gold rose nearly two percent at the New York mercantile exchange mainly on oil’s record high, which improved gold’s appeal as a hedge against inhalation.
Gold edged up to $872.00/873.00 an ounce from $871.15/872.55 late in New York on Monday, moving some way above Friday's four-month low of $845 an ounce.
Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange added 10 cents to $874.20 an ounce. Gold's gains offered support to silver, platinum and palladium.
Bullion's fall to a four-month low last week also spurred buying from the physical sector, especially in main consumer India ahead of a religious festival this week. However, gold was still trading well below a record of $1,030.80 an ounce hit on March 17.
Gold rose nearly two percent at the New York mercantile exchange mainly on oil’s record high, which improved gold’s appeal as a hedge against inhalation.
Gold edged up to $872.00/873.00 an ounce from $871.15/872.55 late in New York on Monday, moving some way above Friday's four-month low of $845 an ounce.
Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange added 10 cents to $874.20 an ounce. Gold's gains offered support to silver, platinum and palladium.
Bullion's fall to a four-month low last week also spurred buying from the physical sector, especially in main consumer India ahead of a religious festival this week. However, gold was still trading well below a record of $1,030.80 an ounce hit on March 17.