Gold extended gains on Thursdayon active buying
Gold extended gains on Thursdayon active buying after the U.S. dollar sank against other currencies and oil hit an all-time high above $110 a barrel.
Gold rose to $985.60/986.40 an ounce from $981.90/982.70 late in New York, partly driven by early buying from Japanese speculators. Gold was within sight of a record high of $991.90 hit on March 6.
"I would expect the market to keep an eye on the weak dollar and high oil prices. That gives the real support for gold," said Louis Lok, a dealer at Bank of China in Hong Kong, referring to a rebound from recent lows around $964 an ounce.