At the New York Mercantile Exchange, COMEX gold for June delivery settled up $12.70, or 2 percent, at $636 an ounce, after trading from $622.10 to $637.40 -- the steepest price for futures since December 1980.
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Gold Rising 6th Session In Succession
Gold futures in New York shot to a 25-year peak on Wednesday against fears of U.S. inflation
Gold futures in New York shot to a 25-year peak on Wednesday against fears of U.S. inflation sped up precious metals purchases as an alternative investment.
Record-high oil prices and news that core U.S. inflation rose at its fastest rate in a year pulled investors into gold as a hedge against inflation, said analysts, many of whom felt momentum for higher metal prices looked strong.
At the New York Mercantile Exchange, COMEX gold for June delivery settled up $12.70, or 2 percent, at $636 an ounce, after trading from $622.10 to $637.40 -- the steepest price for futures since December 1980.
At the New York Mercantile Exchange, COMEX gold for June delivery settled up $12.70, or 2 percent, at $636 an ounce, after trading from $622.10 to $637.40 -- the steepest price for futures since December 1980.
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