Gold rose to the highest price in a month as record energy costs boost demand for the precious metal as a hedge against inflation...
Gold rose to the highest price in a month as record energy costs boost demand for the precious metal as a hedge against inflation.
Crude-oil futures reached an all-time high of $142.99 a barrel today and have doubled in the past year. Gold climbed to a record $1,033.90 an ounce in March as a slumping dollar and soaring raw-material prices spurred investors to buy precious metals to protect against a loss of purchasing power.
Gold futures for August delivery gained $16.20, or 1.8 percent, to $931.30 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $933, the highest for a most-active contract since May 27. The metal gained 3.1 percent this week and is up 11 percent this year.
Silver futures for September delivery rose 49 cents, or 2.8 percent, to $17.71 an ounce. The metal climbed 1.8 percent this week and is up 19 percent this year.
Oil has jumped 4.2 percent this week, while the dollar has fallen 1.1 percent against the euro. The UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials extended a rally to a record today and has gained 32 percent this year.