Gold rose to a 18-year ihigh in Asian trading as investors referred to the yellow metal
Gold rose to a 18-year ihigh in Asian trading as investors referred to the yellow metal as a hedge against inflation.
U.S. consumer prices are rising at a 4.9 percent annual pace compared with a 3.7 percent increase at the same time last year, figures from the Labor Department showed yesterday.
Gold for immediate delivery rose as much as $3.40, or 0.7 percent, to $482.70 an ounce, the highest since January 1988. The precious metal traded at $481.90 at 2:31 p.m. Sydney time.
Gold for December delivery rose as much as $4.40, or 0.9 percent, to $483.50 an ounce on the Comex division of the New York Mercantile Exchange. The contract traded at $482.50 at 2:11 p.m. Sydney time.