Tuesday, December 18, 2007
Gold gains on inflation concerns
Story link: Gold gains on inflation concerns
by Elaine Frei
by Elaine Frei
Precious metals prices were up in New York on Tuesday.
February Gold added $8.10 to $807.40 per troy ounce on speculation that rising food and energy costs will fuel inflation in the US, making gold a preferred investment.
Gold also benefited from the belief that the housing and credit crises will make further US interest rate cuts unavoidable.
March silver added 19 cents to $14.17 per troy ounce.
January platinum was also higher, adding $11.70 to $1,515.30 per troy ounce after it soared to a new record high, at $1,526.40, for the second consecutive session.
Platinum is up 32 percent so far this year on the weak dollar and on declines in output from South African mines.
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