Gold futures in New York rose to the highest in 25 years
Gold futures in New York rose to the highest in 25 years as investors bet metals will deliver better returns than stocks and bonds, Bloomberg reported.
Hedge funds and speculators are betting metals will keep outperforming as demand led by China outpaces supply. Investments in index-linked commodity funds will rise 38 percent this year to $140 billion, according to Barclays Capital.
Gold for June delivery rose 23 percent to its highest since January 1981 on the Comex division of the New York Mercantile Exchange today. It was trading at $600.70 an ounce at 2:30 p.m. in Tokyo. Copper rose as much as 2.1 percent to 54,250 yuan ($6,771) a metric ton on the Shanghai Futures Exchange. Zinc rose to $2,855 a ton on the London Metals Exchange yesterday.