Gold in New York Climbs to Two-Week High

BY

Gold in New York Climbs to Two-Week High as Energy Costs Jump
Gold rose to a two-week high in New York as higher energy costs boosted the appeal of the precious metal as a hedge against inflation.

Gold and crude oil have moved mostly in lockstep this year. Natural-gas prices jumped as much as 12 percent, and oil climbed above $75 a barrel on concern a strengthening tropical storm in the Atlantic Ocean may disrupt production in the U.S. Gulf. Tropical Storm Chris may become the year's first Atlantic hurricane late today or early tomorrow.

Gold futures for December delivery rose $7.70, or 1.2 percent, to $666.50 an ounce at 9:22 a.m. on the Comex division of the New York Mercantile Exchange. Prices earlier reached $666.80, the highest since July 17. Before today, gold had climbed 27 percent, and oil was up 23 percent.

[ Last edited by BY on 2006-8-3 at 01:55 AM ]