NXG/NGX Gold, silver, copper futures rally to multi-week highs - Weak dollar, strong oil prices, China growth all boost prices - Jul 20, 2007
SAN FRANCISCO -- Gold futures closed at their highest level in more than two months Friday to finish the week - with a gain of nearly 3% - buoyed by a weak dollar and strong oil prices.
Copper futures also rose above a two-month high - while silver futures finished at their highest level - since mid-June.
"Physical demand [for gold] this year is now seeing investment demand for gold jumping strongly on the back of a buckling buck and a surging oil price," said analyst Julian Phillips.
Gold for August delivery gained $6.60 to close at $684.70 an ounce on the New York Mercantile Exchange.
It climbed as high as $687, the contract's highest level since May 9, and finished $17.40, or 2.6%, above its close a week ago.
"Gold is gaining strength on the U.S. dollar's continued weakness, safe-haven buying - due to the subprime-mortgage problems, and the continuing strength in the wider commodity markets," said Gold & Silver Investments Ltd. director Mark O'Byrne in a research note.
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