Tuesday, May 20, 2008

Gold ends Higher

Rebounding oil prices and a softening dollar sent gold prices higher on Monday. Spot gold rose as high as $897.10 an ounce. Gold usually follows crude oil price moves. Gold is also often bought as a hedge against inflation. Ignoring a report from Standard & Poor's cutting ratings on many major US securities firms and sending stocks lower, gold and gold futures both saw a rise in their pricing. UBS Investment Bank told clients that gold seemed much more balanced now, waiting for direction from crude oil or from the currency market. Rising oil prices further boosted the price of gold. Despite the consistent climb in crude the gold market is still expected to basically remain rangebound.

"At the moment, physical demand is not very strong and in the summer, investment demand is not strong either," said Lehman Brothers analyst Michael Widmer.

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