Gold above $900 on record oil | Markets | Hot Stocks | Reuters - The Diigo Meta page

• 09 Jun 08
  

  Michael

  preciious metals

  • SINGAPORE (Reuters) - Gold rose to its highest level in almost two weeks on Monday, moving back above $900 as speculative buying picked up after oil hit a record high, lifting the metal's appeal as a hedge against inflation.
  • Gold <XAU=> rose as high as $904.10 an ounce, its highest level since May 28, up from $896.80/898.20 late in New York on Friday and off a three-week low of $864.45 on Thursday.
  • "It looks like we could head higher. Gold remains on a steady 1-month uptrend. Thursday's reversal off the supports indicated that we could see higher gold prices," said Adrian Koh, an analyst at Philip Futures in Singapore. "Nearby uptrend support will probably be around $880."

  • A weaker dollar helped gold as it boosted the metal's appeal as an alternative investment to stocks and bonds. The euro was barely changed at $1.5770 <EUR=> after edging up to $1.5800 on trading platform EBS.

        

    Record high oil and uncertainties in the dollar outlook pushed up gold to a record high of $1,030.80 in mid-March.

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