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Gold prices rise on speculation

26 October 2009 16:39 (UTC +04:00)

Baku - APA-Economics. Gold futures rose in New York on speculation the dollar will extend a slide, increasing the appeal of the metal as an alternative investment, Bloomberg reported.
The greenback fell as much as 0.4 percent against a basket of six major currencies. Signs that the global economy is recovering reduced demand for the dollar as a haven. Gold, which typically moves inversely to the U.S. currency, climbed to a record $1,072 an ounce on Oct. 14.
Gold futures for December delivery rose $2.20, or 0.2 percent, to $1,058.60 an ounce at 9:52 a.m. on the Comex division of the New York Mercantile Exchange.
The metal had gained for four straight weeks, while the dollar dropped three consecutive weeks against the currency basket.
Silver futures for December delivery were little changed at $17.71 an ounce. Platinum for January delivery dropped $2.20, or 0.2 percent, to $1,367.30 an ounce on the Nymex, and palladium for December delivery declined $1.90, or 0.6 percent, to $337.55 an ounce.
Before today, gold gained 19 percent in 2009, and the dollar dropped 7.2 percent. Silver jumped 57 percent.