Gold Futures Rose Following Oil Prices

Gold futures gained Tuesday following oils gain that revived demand for the precious metal as a hedge against inflation.

Gold futures for December delivery rose $2.40, or 0.3%, to $828.10 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, the price touched $812 as the euro fell as much as 1.2% against the dollar.

Crude-oil prices rallied as much as 2.4% to $117.89 a barrel on concern that Hurricane Gustav may enter the Gulf of Mexico and disrupt US petroleum production. Gold reached a record in March as oil headed to an all-time high in July.