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Gold Near 8 Month High As Oil Surges!
Gold traded near an eight-month high after rising yesterday as crude oil prices advanced to another record and the dollar weakened, boosting bullion's appeal as a hedge against inflation and an alternative investment.
Crude oil rose to a record $66.05 a barrel in Asian trade today, after a fire at a Sunoco Inc. pipeline heightened concern U.S. refineries may struggle to meet second-half fuel demand. Investors buy gold in times of inflation, which erodes the value of fixed-income assets such as bonds.
Gold for immediate delivery rose as much as $1.40, or 0.3 percent, to $447.30 a troy ounce. It traded 10 cents higher at $446.00 an ounce. It reached an intraday high of $447.42 an ounce yesterday, the highest since $450.95 was posted on Dec. 8, 2004.
Gold for December delivery rose 10 cents to $451 an ounce on the Comex division of the New York Mercantile Exchange in after- hours trading. Yesterday, it rose as much as 2.4 percent to $452.70, the highest in eight months.
How this will affect jewelery prices remains to be seen. Continued rise in Oil prices coupled with political instability in Iraq and Saudia Arabia over the next few months will surely translate into increased prices for Gold and Platinum jewlery as we head into the very important Christmas shopping season.
Stay tuned, folks.
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