Gold traded near an eight-month high Thursday
Gold traded near an eight-month high Thursday as crude oil prices touched another fresh record of $66 the dollar weakened.
Crude oil jumped to $66.05 a barrel in Asian trade today, triggered by a fire at a Sunoco Inc. pipeline. Some investors buy gold in times of inflation, which erodes the value of fixed-income assets such as bonds.
Gold for immediate delivery rose $1.40 to $447.30 a troy ounce, reaching an intraday high of $447.42 an ounce yesterday, the highest since $450.95 was posted on Dec. 8, 2004.
Gold for December delivery rose 10 cents to $451 an ounce on the Comex division of the New York Mercantile Exchange in after- hours trading at 8:48 a.m. Singapore time. Yesterday, it rose as much as 2.4 percent to $452.70, the highest in eight months.