Gold futures for June delivery rose as much as US$6 per ounce
Gold in New York reached a 25-year high, rising past US$680 an ounce, as investors bought the precious metal as a haven and a hedge against inflation, Bloomberg reported.
Iran, the world's fourth largest oil supplier, yesterday rejected US-led demands that it halt uranium enrichment. Crude prices have surged to a record on concerns over disruption to Iranian oil supplies, raising fears of inflation and increasing the appeal of bullion as a hedge.
?It's the same story of Iran, inflation concerns and rising oil prices,'' Charles Dowsett, head of trading of precious metals at ABN Amro Holding NV, said by phone in Sydney.
Gold futures for June delivery rose as much as US$6, or 0.9%, to US$682.50 an ounce on the Comex division of the New York Mercantile Exchange in after-hours electronic trading ?the highest since gold futures touched US$688.50 on Oct 16, 1980.