10-4-2009
Jakarta, Financeroll.com - Gold climbed as a rally in crude oil lured some investors to buy the metal as a hedge against accelerating inflation. Silver was little changed.
Crude oil futures in New York rose as much as 1.7 percent, extending yesterday’s gain, and boosting the precious metal’s allure as a store of value. Before today, gold for immediate delivery had lost 1.4 percent, the third straight weekly drop.
Gold for immediate delivery added 0.2 percent to $882.51 an ounce. Silver was up 1 cent at $12.29 per ounce.
June-delivery gold was down 0.2 percent at $883.80 an ounce on the Comex division of the New York Mercantile Exchange, while gold for February delivery on the Tokyo Commodity Exchange fell 0.3 percent to 2,844 yen a gram ($886).
Gold could easily reach $1,000 an ounce as demand for an inflation hedge outpaces an expanding scrap supply and weaker jewelry demand. Among other precious metals for immediate delivery, platinum rose 0.1 percent at $1,180.75 an ounce, and palladium was unchanged at $233.50 an ounce.
