Gold prices rise in Asia
Gold prices rose in Asia on speculation that an increase in the crude oil price will boost bullion's appeal as an inflation hedge.
By Agencies |
SINGAPORE: Gold prices rose in Asia on speculation that an increase in the crude oil price will boost bullion's appeal as an inflation hedge.
Gold often moves in line with oil prices as investors buy bullion to preserve the value of assets at times of inflation.
Gold reached a 26-year high of 732 dollar an ounce last May and oil climbed to a record in July.
Gold for immediate delivery rose 1.40 dollar or 0.2 per cent to 649.85 dollar an ounce. In Japan, gold for delivery in December 2007 rose 654 dollar.
Gold for April delivery on the Comex division of the New York Mercantile Exchange traded at 654.80 dollar, down by 0.2 per cent.
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