Capital Gold Group Report: Gold Rules on World Indicators

By John Jameson on June 9, 2008 9:58 AM |

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Gold continues to rule firm on higher global cues

9 Jun, 2008, 1943 hrs IST, PTI

MUMBAI: Gold prices continued to rule firm for the third day on the bullion market on sustained buying by stockists in view of positive advices from Asian markets.

Silver also moved up on good industrial demand. In the Asian market, gold rose to its highest level in almost two weeks, moving above USD 900 per ounce as speculative buying picked up after oil hit a record high, lifting the metal's appeal as a hedge against inflation.

Gold rose to $904.10 an ounce, its highest level since May 28, up from $896.60/898.20 late in New York on last Friday.

Record high oil prices and uncertainties in the dollar outlook pushed up gold prices, a dealer said.

A weaker dollar helped gold as it boosted the metal's appeal as an alternative investment to stocks and bonds.

Capital Gold Group, gold group, gold, gold prices, gold news, gold coins, gold bullion, gold IRA, IRA gold



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This page contains a single entry by John Jameson published on June 9, 2008 9:58 AM.

Capital Gold Group Report: Scotiabank's Precious Metals Business Unit Granted Access to Chinese Market was the previous entry in this blog.

Capital Gold Group Report: Dubai's Gold Demand Remains Strong Despite Increasing Prices is the next entry in this blog.

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