Copper also jumped as inventories tallied by the London Metal Exchange declined 1.6 percent to 135,375 metric tons, the lowest since Oct. 10. Stockpiles tracked by the exchange have tumbled 31 percent this year, helping send the price up 25 percent.
``Inventories have been declining consistently over the last couple weeks and have now reached a fairly low level,'' Gross said.
Gold, Platinum Rise to Records on Outlook for Inflation, Dollar
By Claudia Carpenter
Feb. 21 (Bloomberg) -- Gold and platinum rose to records in London, leading other precious metals higher, on speculation declines in the dollar and global demand for raw materials will spur demand for a hedge against inflation.
French inflation accelerated in January to the fastest pace in at least 12 years, led by higher food and energy costs, according to a government report today from Paris. Gold has risen 13 percent this year as the dollar dropped against the euro on speculation U.S. interest rates will decline.
``People buy gold for the inflation hedge,'' said Bernard Sin, chief trader at MKS Finance SA in Geneva. ``Investors are buying commodities in general as a hedge. That's why you see all the commodities going higher.''
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