Gold prices rose in Asia as crude oil gained for a fourth day
Gold prices rose in Asia as crude oil gained for a fourth day, boosting bullion's appeal as an inflation hedge.
Gold often moves in line with oil prices as some investors buy the precious metal to preserve the value of assets at times of inflation. The price of crude jumped 3 percent yesterday and rose above $64 a barrel today for the first time this week.
Gold for immediate delivery rose as much as $2, or 0.3 percent, to $678.10 an ounce and traded at $677.80 at 12:16 p.m. Mumbai time. Silver for immediate delivery fell 1 cents, or 0.1 percent, to $13.90 an ounce.