Gold rose to the highest in a month as surging oil prices and a weakening dollar boosted demand for the metal as a hedge against inflation
Gold rose to the highest in a month as surging oil prices and a weakening dollar boosted demand for the metal as a hedge against inflation.
``Gold's move is about the dollar and crude oil and trading on inflation,'' said Frank Lesh, a trader at FuturePath Trading LLC in Chicago.
Gold futures for June delivery rose $8.40, or 0.9 percent, to $928.60 an ounce on the Comex division of the New York Mercantile Exchange, after earlier reaching $931.10, the highest for a most-active contract since April 21.
Precious metals rallied after a report showed U.S. stockpiles of crude oil unexpectedly dropped, sending the price to more than $132 in New York for this first time. Crude has doubled in the past year. Heating oil also reached a record today.