Monday, May 12, 2008

Gold rises above $882 as dollar falls

NEW YORK: Continuing its upward journey, gold rose to $882.10 a troy ounce on the Comex division of the New York Mercantile Exchange on Thursday.

June gold raised $10.90 to settle at $ 882.10 as the US dollar fell and the euro gained.

As gold was closing, the euro was up to $1.5411 from $1.5396 yesterday. At the same time, the ICE Futures US dollar index was down 0.13 per cent.

July silver rose 17.5 cents to $16.87 an ounce. July platinum raised $73.30, or nearly 4 per cent, to settle at $2042.30 an ounce while June palladium gained $10.15, or more than 2 per cent, to close at $435.90. The most-active July copper contract fell 4.65c to settle at $3.7875 a pound, hurt by technical sales.

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