By Pham-Duy Nguyen
Aug. 29 (Bloomberg) — Gold rose, heading for a second straight weekly gain, as energy costs gained, reviving demand for the metal as a hedge against inflation. Silver also gained.
Crude-oil prices are higher this week, after advancing last week, amid concern hurricanes will disrupt U.S. petroleum production in the Gulf of Mexico. Gold reached a record in March as oil rose toward all-time highs in July.
“If the hurricane does head into the Gulf and cause damage, that would definitely support gold,” said Tom Hartmann, a commodity analyst at Altavista Worldwide Trading Inc. in Mission Viejo, California. . .
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