Gold futures climbed almost $6 an ounce Monday as concerns about inflation and overall strength in oil prices helped boost investment demand for the precious metal.
Gold rose to the highest in three weeks as surging energy costs boosted demand for the precious metal as a hedge against inflation.
Gold futures for June delivery climbed $5.90, or 0.7 percent, to $905.80 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $914.20, the highest for a most-active contract since April 23. The metal has climbed 2.4 percent in the past week.
Gold will fall to $835 in the next 12 months as the dollar rebounds, Goldman Sachs Group Inc. said in a report on May 16.
The dollar gained today as global equities climbed and the index of leading U.S. economic indicators unexpectedly rose in April.
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Gold Leaps On Inflation Concerns
Gold futures climbed almost $6 an ounce Monday as concerns about inflation and overall strength in oil prices helped boost investment demand for the precious metal
